Opennode, a bitcoin fee infrastructure agency, lately stated it would run trials of its bitcoin processing and payout answer by the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an govt director with the Bahrain Economic Development Board, the central financial institution’s sandbox helps to be certain that fintechs will proceed to innovate and cling to greatest regulatory practices.
Helping Grow Bahrain’s Economy
A bitcoin fee infrastructure company, Opennode, has stated it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In an announcement, the company stated the infrastructure which it plans to present will assist Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.”
Through the CBB’s regulatory sandbox, Opennode is permitted to perform exams of its crypto fee answer inside Bahrain’s territory. Commenting on the central financial institution’s choice to authorize Opennode’s trials, Dalal Buhejji, an govt director on the Bahrain Economic Development Board stated:
“We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking.”
Buhejji added that the CBB’s sandbox helps to guarantee Bahrain fintechs will proceed to innovate whereas adhering to greatest regulatory practices.
Adopting the Bitcoin Standard
For his half, Afnan Rahman, CEO and co-founder of Opennode, described his company’s deliberate exams as a watershed not only for Bahrain however your entire Middle East.
“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,” defined the CEO.
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