- OpenNode is testing a scalable bitcoin payment solution with the Central Bank of Bahrain.
- The central bank has a sandbox application where payments can be tested, specifically designed for fintech solutions.
- OpenNode intends to demonstrate the potential of bitcoin to power the economy of Bahrain and show why bitcoin is synonymous with good business.
OpenNode, a bitcoin and Lightning Network infrastructure provider, is testing a bitcoin payment solution for the Central Bank of Bahrain (CBB), according to a press release.
CBB’s regulatory sandbox will provide the necessary proving ground for testing bitcoin payments in the region, which as of the release has so far been non-existent.
The testing ground was initially launched in 2017 to further enhance the country’s fintech ecosystem. In 2021, the sandbox was expanded to focus on creating a more diversified digital economy.
As noted by the Executive Director of Investment Development for Financial Services at the Bahrain Economic Development Board, Dalal Buhezi, the small island country has used this capability to test new fintech solutions to test new innovations.
“We are proud to work with the Central Bank towards establishing a robust financial services ecosystem within the Kingdom of Bahrain,” Buhezi said.
During the testing phase, OpenNode intends to demonstrate to central banks that bitcoin has the potential to expand Bahrain’s economy by strengthening businesses in the region.
“This is an important moment for the people of Bahrain, the Middle East, and the bitcoin economy as a whole,” said Afnan Rahman, CEO and co-founder of OpenNode.
Additionally, OpenNode said that this is the first announcement of many coming from the region. Currently, the OpenNode infrastructure is active in over 160 countries around the world.
Rahman concluded, “OpenNode’s pioneering bitcoin infrastructure solution paves the way for countries, governments and reputable financial institutions to adopt the bitcoin standard and transact on the Lightning network.”