Central Bank of Bahrain to process bitcoin payments

Through the Central Bank of Bahrain, the payment processor OpenNode will process payments with the cryptocurrency

The crypto platform OpenNode announced that it will begin testing a cryptocurrency payment system in conjunction with the Central Bank of Bahrain, located in the Persian Gulf.

Although until now there had been no transactions related to the digital asset in the nation, interest in this ecosystem has led to testing in a joint effort between the Central Bank of Bahrain and OpenNode.

The initiative could be considered as the first step towards digitizing the economy of this small nation. Bitcoin payment processor OpenNode will provide the necessary infrastructure to foster Bahrain’s entry into the digital economy.

According to Afnan Rahman, CEO and co-founder of OpenNode, this is a crucial time for both Bahrain and the Middle East and Bitcoin transactions. “The leading Bitcoin infrastructure solution, OpenNode, continues to pave the way for renowned countries, governments and financial institutions to adopt Bitcoin,” Rahman said.

Bahrain, a nation with no history in Bitcoin trading, launched its Regulatory Sandbox program in 2017, “which was to improve the competitiveness of the financial services sector, to move towards a diverse and digital economy.”

The joint work with OpenNode could be the door towards the diversification of the local economy, and in this way boost tourism and finance so as not to depend exclusively on oil.


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Source: morocotacoin

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