Bitcoin Payment Solution In Trial Phase By Bahrain Central Bank Via OpenNode
According to the latest press release published on September 13, OpenNode is undergoing trials of using bitcoin payments along with the Central Bank of Bahrain’s Regulatory Sandbox application that is curated specifically for Fintech applications. The primary aim of OpenNode is to show the propensity of Bitcoin to improve and spur the growth of Bahrain’s […]
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Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central bank’s sandbox helps to ensure that fintechs will continue to innovate and adhere to best regulatory practices.
Helping Grow Bahrain’s Economy
A bitcoin payment infrastructure company, Opennode, has said it intends to “test a bitcoin payment processing and payouts....
Using the central bank’s fintech digital sandbox to trial bitcoin payment solutions, OpenNode will bring BTC payments to the island kingdom for the first time.
The kingdom in the Persian Gulf is taking its latest step in transforming its economy away from oil with the Bitcoin and Lightning Network infrastructure provider’s trial. Bitcoin infrastructure provider OpenNode will test a Bitcoin payment processing and payouts solution in the Central Bank of Bahrain’s (CBB) regulatory sandbox, the company announced Sept. 13. This is the latest of several steps the kingdom has taken to join the crypto economy both on its own and as a member of the Cooperation Council for the Arab States of the Gulf (GCC). OpenNode will provide the first Bitcoin (BTC)....
Bahrain’s central bank initially announced the JPM Coin trial in May 2021. Bahrain is the latest nation to explore blockchain technology by American investment bank JPMorgan, with the country’s central bank trialing JPMorgan’s proprietary digital currency.The Central Bank of Bahrain (CBB) has successfully completed a digital payment test in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx, according to an official announcement published on Jan. 6.The trial involved two other major institutions, Manama-based international bank, Bank ABC, and Bahrain’s national aluminum....
The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers.
Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs
Bahrain’s central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. The transfer, which was carried out in partnership with Bank ABC, is the latest....