Bahrain Central Bank intends to launch a Bitcoin payment solution
The Central Bank of Bahrain (CBB) plans to offer a Bitcoin (BTC) payment processing and payment solution in partnership with BTC payment processor OpenNode.
In a statement released on September 13, OpenNode stated that the solution was driven by the growing interest in digital assets in the Middle East. The company noted that the solution will be central to supporting economic growth while supporting businesses.
“This is a turning point 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 said that once deployed, the payment solution will open room for the development of similar products in the future. According to Dalal Buhejji of the Bahrain Economic Development Board, the Bitcoin payment solution is part of the growing digital economy in a regulated space.
Bahrain focused on developing the crypto industry
Indeed, Bahrain has focused on improving the environment for businesses in the crypto space to diversify the digital economy. The framework allows crypto assets to be researched in a controlled environment under the supervision of a regulator.
The development of the Bitcoin payment processor underlines Bahrain's efforts to develop its cryptocurrency sector. In the recent past, the country has also enabled more businesses to set up bases in the region. For example, in May 2022, CBB granted a Category 4 license to cryptocurrency exchange Binance, enabling the platform to offer a wider range of services to users in the country. At the time, Binance was the first crypto service provider with a full Category 4 license in Bahrain.