The Central Bank of Bahrain is planning to launch a payment processing and payout solution in a collaboration with OpenNode, the famed Bitcoin payment processor.
OpenNode slated to start testing of Bitcoin payment infrastructure
The Bitcoin and Lighting networks infrastructure network provider announced in a statement that they will be testing payment processing and payout solutions focused on Bitcoin in collaboration with the regulatory sandbox of the Bahrain Central Bank.
The regulatory sandbox framework allows various companies belonging to the Fintech sector to experiment with various ideas catering to different sectors and providing solutions in a more effective setting. The overall programme was launched by Bahrain in order to strengthen the financial services sector in Bahrain which would spearhead the shift to a digital economy.
The number of initiatives that are being promoted by OpenNode are a primary digital wallet followed by various extensions focusing around that wallet. The extensions will allow the wallet to settle themselves in a range of various global cryptocurrencies.
Apart from Bahrain the payment processor OpenNode is also working in collaboration with the governments of Latin America, Europe and a number of developing global economies around the world. Thus while focusing on Bahrain, OpenNode seeks to demonstrate to the world how Bitcoin is directly synonymous with a better business ecosystem as well as aid the financial structure of Bahrain with the help of economic growth spearheaded with the help of an efficient digital infrastructure.
It is a big moment for OpenNode which has primarily focused on offering various Bitcoin based payment solutions and payout solutions to various businesses as well as platforms to people around the globe.
The CEO of OpenNode said that it is an exceptional moment for the entire Middle East and Bahrain in general wherein this upcoming opportunity will provide them with the means to provide Bitcoin based infrastructure solutions to financial institutions and governments and help them adopt the Bitcoin standard as well as allow them to initiate transactions on the lightning network.
The recent effort by Bahrain underlines the fact that the country is trying hard to advance the entire cryptocurrency ecosystem in Bahrain. In Order to promote this sentiment Bahrain had also allowed various firms dealing with cryptocurrencies to easily setup their bases in the island nation.