Central Bank of Bahrain Tests Bitcoin Payments via OpenNode…Details Here
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Answer Central Bank of Bahrain Tests Bitcoin Payments via OpenNode…Details Here
The Central Bank of Bahrain (CBB) is set to test Bitcoin payment processing and upgrade digital payment solutions in collaboration with OpenNode.
According for press release Officially, the Bitcoin payment processor plans to provide the infrastructure to the Central Bank of Bahrain.
Temporary regulatory approval was first granted in 2017 to OpenNode, after which the CBB authorized OpenNode to participate in its framework that enables FinTech companies to test their ideas and solutions in the country.
CEO and Co-Founder of OpenNode stated:
OpenNode’s groundbreaking 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.
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While Dalal Buheji, Executive Director of Investment Development for Financial Services at the Bahrain Economic Development Board commented:
The initiative that will soon be tested by the payment processor is essential and highlights the need for innovation while at the same time adhering to regulatory procedures.
After a decade of hesitation, several Gulf countries, including Bahrain, have begun preparing for cryptocurrencies.
The kingdom is also looking to attract centralized cryptocurrency exchanges.
The country has attracted one of the world’s leading platforms – Binance – and granted it a cryptocurrency service provider license.
Bahrain became the first country in the Middle East in which Binance received the green light to provide fully regulated services through the Gulf Cooperation Council (GCC).
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