The Central Bank of Bahrain teamed up with OpenNode to launch a Bitcoin-supported payment channel.
Bahrain is a developing country and showed significant Inclination toward the digital assets industry. Under the introduced crypto model in 2019, Bahrain released regulatory approval to all crypto companies to operate services under full compliance. The Bahrain Central Bank agency is also working on a centralized digital currency, JPM coin, to allow payment settlement for counterparties in the United States.
On 13 September, A leading Bitcoin payments infrastructure platform, OpenNode, announced that Bahrain Central Bank is working to launch a Bitcoin-backed payment platform.
OpenNode stated that the adoption of cryptocurrencies & blockchain technology is increasing rapidly in the Middle East and this was the main reason for the central bank to push the economic growth of the country under consideration of innovative industry.
Afnan Rahman, the chief executive officer of Bitcoin payment infrastructure provider, stated:
“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.”
Rahman further said that OpenNode will help the big financial institutions to adopt the Bitcoin lightning-enabled network-based payment services.
OpenNode further said that the company will continuously create more room for the Bitcoin network, to push Bitcoin payments.
Dalal Buhejji from the Bahrain Economic Development Board also appreciated the role of Bitcoin as a part of developing the digital economy and said that Bitcoin has better ability in the regulated ecosystem.
In recent months, the government agencies of Bahrain focused on providing a better ecosystem for the crypto companies, to allow a better level of innovation in the country.