Bitcoin payment processor and cryptocurrency infrastructure provider OpenNode announced on Tuesday that it will test a solution for processing and paying Bitcoin payments through the Central Bank of Bahrain’s regulatory sandbox.
The CBB’s Regulatory Sandbox Framework enables FinTech companies to test and experiment with their industry-related ideas and solutions in a more efficient and effective environment. The initiative was launched last year as part of the island nation’s efforts to improve the competitiveness of its financial services sector and transition to a diverse and digital economy.
OpenNode is working on a series of projects, including a digital wallet, as well as extensions to that wallet with an account-linked debit card, as well as the ability to settle in a range of global currencies.
In its global expansion efforts, OpenNode is also collaborating with several governments in Latin America, Europe, and other emerging regions. In this context, he intends to provide the necessary infrastructure to help Bahrain grow its economy and will show why Bitcoin is synonymous with better business.
Since its inception four years ago, OpenNode has focused on providing bitcoin payment acceptance and payment solutions for businesses, platforms, and people around the world.
“This is a watershed moment for people in Bahrain, the Middle East, and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to lead the way for countries, governments, and businesses. reputable financial institutions for adopting the Bitcoin standard and transacting on the Lightning Network,” said Afnan Rahman, CEO and co-founder of OpenNode.
Commenting on the announcement, Dalal Buhejji, Executive Director – Investment Development for Financial Services at the Bahrain Economic Development Board, said, “We are proud to have worked with the Central Bank to establish a strong financial services ecosystem within of the Kingdom of Bahrain. As a country, we have always been at the forefront of adopting Fintech solutions thanks to the flexibility and forward-thinking of our regulator.
Earlier this year, the Central Bank of Bahrain (CBB) granted Binance its Category 4 license as a full-fledged Crypto-Asset Service Provider (CASP).
The world’s largest cryptocurrency exchange received the license after apparently meeting all of the operational, technical and security requirements set out by the CBB.
Binance Bahrain was the first exchange to be granted a Category 4 license. The milestone came nearly three months after Binance received its preliminary approval to establish a crypto-asset business, paving the way for it to begin operations in the country.
Previously, it had been granted a ‘in-principle’ decision, which was the first step in the full licensing process whereby the applicant must meet the CBB on one or more requirements in order to obtain a licence. The upgraded license enables the world’s largest crypto ecosystem to offer a full suite of crypto exchange services in Bahrain.