Bahrain Central Bank Plans To Launch Bitcoin Payment System

In collaboration with Bitcoin payment processor OpenNode, the Central Bank of Bahrain (CBB) intends to launch a Bitcoin (BTC) payment processing and payout system.

According to an OpenNode press release published on September 13, the solution is guided by the growing interest in digital assets across the Middle East. The organization stated that the solution would be critical to accelerating economic growth while also assisting enterprises.

CEO of OpenNode, Afnan Rahman said:

“This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”

Once implemented, OpenNode stated that the payment method will pave the way for the development of comparable goods in the future. The Bitcoin payment option, according to Dalal Buhejji of the Bahrain Economic Development Board, is part of the rising digital economy in a controlled arena.

After establishing the Regulatory Sandbox to grow the country’s FinTech ecosystem and diversify the digital economy, Bahrain has recently focused on enhancing the environment for enterprises in the crypto field. Part of the architecture enables crypto organizations to perform real-time research in a controlled environment while being monitored by a regulator.

The creation of the Bitcoin payment processor exemplifies Bahrain’s ongoing attempts to grow the cryptocurrency sector. In recent years, the country has also made it easier for firms to establish themselves in the region. For example, in May 2022, the CBB gave cryptocurrency exchange Binance a Category 4 license, allowing the platform to provide a broader range of services to users in the country.

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