Bahrain Central Bank Partners With OpenNode to Roll out BTC Payment Processing Solution

September 18, 2022

Reading Time: 2 minutes

As interest in crypto keeps growing in the Middle East, Bahrain Central Bank has formed a partnership with the payment processor, OpenNode to launch a Bitcoin payment solution to satisfy people’s interest.

As per a release on September 13, OpenNode noted that the move is spurred by the continuous increased interest in digital assets in the Middle East region, OpenNode furthered that the solution would be central to pushing economic growth while supporting businesses.

“This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole. 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,” said Afnan Rahman, CEO of OpenNode.

OpenNode, one of the world’s leading Bitcoin as a payment infrastructure company is currently active in over 160 countries across the globe.

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Bahrain is Developing Crypto Sector

Reports coming out from Bahrain have been showing an increased interest in crypto by the country’s leadership.

In Bahrain’s focus to create a thriving environment for crypto-related businesses, the country released a Regulatory Sandbox to develop the country’s FinTech ecosystem to diversify the digital economy.

In the framework, crypto entities are allowed to carry out real-time research in a controlled environment but under the surveillance of regulators.

The recent OpenNode partnership with the Central Bank of Bahrain is part of the country’s quest to develop the crypto sector in the country.

Earlier this year, the world’s largest cryptocurrency exchange, Binance registered as a virtual asset service provider in Bahrain, an approval that allows CZ’s Binance to offer a wide range of services to users in Bahrain.

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