Bitcoin infrastructure supplier OpenNode will check a Bitcoin payment processing and payouts resolution in the Central Bank of Bahrain’s (CBB) regulatory sandbox, the corporate introduced Sept. 13. This is the most recent of a number of steps the dominion has taken to hitch the crypto financial system each by itself and as a member of the Cooperation Council for the Arab States of the Gulf (GCC).
OpenNode will present the primary Bitcoin (BTC) infrastructure in Bahrain, though the Gulf island nation has been luring fintech firms to its shores for the previous a number of years because it transitions away from an petroleum-based financial system. OpenNode CEO and cofounder Afnan Rahman known as the settlement with the CBB, “a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole.”
Bahrain Economic Development Board Investment Development for Financial Services Executive Director Dalal Buhejji commented on the addition of OpenNode to the CBB sandbox:
“As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking.”
Nonetheless, Bahrain is unlikely to edge out Dubai as the most crypto-forward in the Gulf region.
The CBB set up a regulatory sandbox in 2017 and enhanced it in 2021. Also in 2021, Bahrain licensed the local Sharia-complaint crypto exchange CoinMENA.
Related: Bahrain is Eyeing at Becoming Middle East Pioneer in Blockchain
This year, the CBB licensed Binance to operate in the country, making Binance the first international crypto exchange to receive a license in the GCC. It also partnered with JPMorgan Chase’s crypto unit Onyx to create an instant cross-border payment solution.
“This is a watershed second for the folks of Bahrain, #Bitcoin financial system as a complete.
OpenNode’s main #BTC infrastructure resolution continues to pave the way in which for international locations, governments and respected monetary establishments to undertake the #Bitcoin”- says CEO & Co-Founder at OpenNode https://t.co/0Sup54AF4j
— GemCryptoFather (@GemCryptoFather) September 13, 2022
OpenNode is at the moment energetic in greater than 160 international locations, together with El Salvador. The firm was based in 2018 with financing from enterprise capitalist Tim Draper and his Draper Capital.