OpenNode To Boost Bahrain’s FinTech Economy
According to Dalal Buhejji, Executive Director for Investment Development for Financial Services (Bahrain Economic Development Board), the Kingdom of Bahrain has used this new mechanism for testing cutting-edge FinTech solutions.
Further, OpenNode CEO Afnan Rahman states, “This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole.”
Albeit, this is just the beginning of the many FinTech developments bound to happen in the region. As of now, the infrastructure of OpenNode remains active as its operations stretch to over 160 countries all over the world.
This is an opportunity for Bahrain and the rest of the Middle East to jump into embracing the Bitcoin standard as well as making transactions on the lighting network, making Bahrain at par with the rest of the world in terms of adopting Bitcoin solutions.
Further, OpenNode’s payment solution will open up more opportunities to build upon and develop more FinTech products in the coming years.
Bahrain: Diversifying The Digital Space
Bahrain is definitely dead-set to focus on developing the environment and diversifying the digital space for crypto-backed businesses to thrive.
Dissecting the OpenNode framework, you’ll see how crypto products can be tested in real-time in a well-controlled setting.
Bahrain’s continuous development of the Bitcoin payment processor highlights the country’s thrust toward improving the crypto space. For instance, Bahrain has already allowed more crypto businesses to be set up in the region.
In May 2022, Binance, a cryptocurrency exchange platform, has been allowed by the CBB to provide extensive financial services in the region. CBB has granted Binance a Category 4 license making the company the first-ever crypto exchange to get such license in the country.