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On Tuesday (September 13th), the Central Bank of Bahrain (CBB) announced the launch of a Bitcoin payment processing and payout solution.The solution will be implemented in collaboration with the Bitcoin payment processor OpenNode.According to a press release from OpenNode, the solution is inspired by the rising interest in<a href="https://www.coingabbar.com/en/gabbar-gbr-token" rel="noopener noreferrer nofollow"> digital assets</a> across the Middle East. The company stated that the solution will be crucial in accelerating economic growth while also aiding businesses.This is a watershed moment for Bahrainians, the Middle East, and the Bitcoin economy in general. According to Afnan Rahman, CEO of OpenNode, the company’s leading Bitcoin infrastructure solution “continues to pave the path for countries, governments, and respected financial institutions. This aid the institutions to embrace the Bitcoin standard and transact on the<a href="https://www.coingabbar.com/en/crypto-dictionary/lightning-network" rel="noopener noreferrer nofollow"> lightning network</a>.”Once implemented, OpenNode stated that the payment method will pave the way for the development of similar products in the future.Dalal Buhejji from the Bahrain Economic Development Board stated that the BTC payment solution is part of the rising digital economy in a regulated space.Bahrain’s focus on developing crypto sectorIndeed, Bahrain has recently focused on upgrading the market for<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrency</a> businesses. The move came after the release of the Regulatory Sandbox, which aims to expand the country’s FinTech industry and diversify the digital economy.Part of the framework enables crypto entities to conduct real-time research in a regulated environment while being monitored by a watchdog.The development of the<a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow"> BTC</a> payment processor reflects Bahrain’s continued attempts to expand the cryptocurrency sector. In recent years, the nation has also made it easier for firms to establish bases in the region.For instance, in May 2022, the CBB awarded cryptocurrency exchange Binance a Category 4 license. The license enables the platform to provide a wide range of services to users in the country.At the time,<a href="https://www.coingabbar.com/en/crypto-currency/binancecoin-bnb-prices-usd" rel="noopener noreferrer nofollow"> Binance</a> was the first cryptocurrency service provider in Bahrain to have a valid Category 4 license.Read also:<a href="https://www.coingabbar.com/en/crypto-currency-news-english/cpi-data-one-percentage-interest-increase-now-feasible" rel="noopener noreferrer nofollow"> After CPI data, One percentage interest increase is now feasible</a>

Bahrain’s Central Bank To Test BTC payment processing solution

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