Opennode, a bitcoin payment infrastructure firm, recently said it’ll run trials of its bitcoin processing and payout solution through the Central Bank of Bahrains regulatory sandbox. In accordance with Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central banks sandbox really helps to make sure that fintechs will continue steadily to innovate and abide by best regulatory practices.
Helping Grow Bahrains Economy
A bitcoin payment infrastructure company, Opennode, has said it intends to check a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox. In a statement, the business said the infrastructure which it plans to supply can help Bahrain grow its economy and can showcase why Bitcoin is synonymous with better business.
Through the CBBs regulatory sandbox, Opennode is authorized to handle tests of its crypto payment solution within Bahrains territory. Commenting on the central banks decision to authorize Opennodes trials, Dalal Buhejji, an executive director at the Bahrain Economic Development Board said:
We have been proud to possess caused the Central Bank towards establishing a solid financial services ecosystem within the Kingdom of Bahrain. As a country, we’ve always been prior to the curve in adopting Fintech solutions because of our regulators flexibility and forward thinking.
Buhejji added that the CBBs sandbox really helps to ensure Bahrain fintechs will continue steadily to innovate while sticking with best regulatory practices.
Adopting the Bitcoin Standard
For his part, Afnan Rahman, CEO and co-founder of Opennode, described his companys planned tests as a watershed not only for Bahrain however the entire Middle East.
Opennodes leading Bitcoin infrastructure solution continues to pave just how for countries, governments and reputable finance institutions to look at the Bitcoin standard and transact on the lightning network, explained the CEO.
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Terence Zimwara is really a Zimbabwe award-winning journalist, author and writer. He’s got written extensively concerning the economic troubles of some African countries along with how digital currencies can offer Africans having an escape route.
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