Digital currency in the sandbox – The country seeks to become the pioneer of cryptocurrencies in the Middle East. Thus according to a press release, Bahrain will test Bitcoin (BTC) with the company OpenNode.
OpenNode to Test Bitcoin Payments with Central Bank of Bahrain
In a press release published on September 13, 2022, it is announced that the Bahrain will test Bitcoin with the company Open Node. Enthusiastic, the company said the move was a “ decisive moment for the people of Bahrain, the Middle East, and the bitcoin economy as a whole.
The Central Bank of Bahrain therefore wishes, in partnership with Open Nodetest a payment and payment processing solution Bitcoin. It is therefore this supplier who will provide the bitcoin payment solution in the country. This sandbox of state payment solutions has existed since 2017. Thus, OpenNode has been authorized to participate in its supervision with other companies. The objective of this project is to test their innovations and financial technology solutions in the country.
” 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. »
Afnan Rahman, CEO and co-founder of OpenNode
As a reminder, OpenNode is a company that offers payment interfaces in bitcoin to businesses. They offer a simple, fast, secure and inexpensive interface based on the Lightning Network.. Recently the company refused an offer of 1.25 million dollars. As a reminder, Roger Ver wanted to open their system to Bitcoin cash.
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Bitcoin and cryptocurrencies in Bahrain and the Middle East
This payment solution will be regulated by Bahrain. It is part of their strategy which aims to become a pioneer in this industry. The executive director of investment development for financial services at the Bahrain Economic Development Board underlined the essential nature of this process. The project which will soon be tested highlights the essential need for innovation in line with the necessary regulations according to the latter.
Many Gulf countries are starting to look at cryptocurrencies with a positive eye. For example, all of the Gulf States started research on creation of a central bank currency (MNBC). Thus two projects are in pilot, one in the United Arab Emirates and the other in Saudi Arabia.
In the same way, Bahrain has recently given a crypto provider license at Binance. Thus, the positive speech that they had held towards the company had conquered the firm. The exchange platform having consequently established itself in the country. Bahrain therefore became the first country in the Middle East where Binance received the green light. This green light allowing them to offer services fully regulated by the Council of Arab States of the Gulf.
Bitcoin therefore seems to be extending to Bahrain thanks to OpenNode and development on the Lightning Network. Coinbase had recently praised the Lightning Network as the savior of Bitcoin, perhaps he was right?
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