According to a recent press release, OpenNode is undergoing trials using bitcoin payments alongside the Central Bank of Bahrain's Regulatory Sandbox, which is curated specifically for fintech applications. OpenNode says this solution is motivated by the booming interest in the FinTech economy and digital assets across the Middle East and other parts of the world. The CBB sandbox will basically serve as a testbed for facilitating BTC payments that have been possible up until now.
The Sandbox was originally set up to test Bitcoin in 2017 with the aim of expanding Bahrain 's FinTech ecosystem. The sandbox was further developed to become inclusive specifically for the needs of the large-scale digital economy. According to Dalal Buhejji, Executive Director of Investment Development for Financial Services, the Kingdom of Bahrain has used this new mechanism to test cutting-edge FinTech solutions.
OpenNode CEO Afnan Rahman stated:
"This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole"
Although this is just the beginning of the many fintech developments that will take place in the region. As of now, OpenNode's infrastructure remains active as its operations span over 160 countries worldwide. This is an opportunity for Bahrain and the rest of the Middle East to jump into adopting the Bitcoin standard and transact on the light network, putting Bahrain on par with the rest of the world when it comes to adopting Bitcoin solutions. Furthermore, the OpenNode payment solution will open up more opportunities to build and develop other FinTech products in the coming years.