bitcoin payment provider Open Node will test a Bitcoin payment solution in Bahrain with the approval of the Central Bank of Bahrain.
CBB is the regulatory sandbox in 2017 Enabling fintech start-ups to try out innovative banking and financial solutions under friendly regulatory oversight.
OpenNode leverages central bank regulatory sandbox frameworks to test Bitcoin payment infrastructure. If the trial is successful, it will increase the adoption of Bitcoin-based transactions in the country.
Afnan Rahman, CEO of OpenNode, said:
“This is a significant turning point for Bahrain, the Middle East, and the Bitcoin economy as a whole. It continues to pave the way for trade.”
According to senior Bahraini government official Dalal Buhejji, OpenNode’s move to test bitcoin payments with CBB approval will open up endless possibilities for innovation by FinTech platforms while complying with established regulations. .
Countries are accepting crypto payments
Several countries are turning to crypto-based payments to improve both domestic and cross-border transactions.
Russia is struggling economically under sanctions from the US and UK. As a result, governments are eyeing the development of digital platforms that will allow cross-border payments to be settled using stablecoins.
Russia is expected to speed up the process of developing rules to guide cryptocurrency payments by December 2022.
Latin America-based Travelex Bank has partnered with Ripple to facilitate cross-border payments in Brazil and Mexico using Ripple’s On-Demand Liquidity (ODL) solution.
According to Ethereum co-founder Vitalik Buterin, cheaper cryptocurrency payments could “significantly facilitate international business and domestic payments.”
