Sectors in the UAE are experimenting with the Web3 space, which aims to establish the country among early adopters of the technology. The Central Bank of Bahrain (CBB) is working with OpenNode BTC payment processors to trial a payment solution dedicated to BTC transactions. OpenNode is authorized by CBB to help fintech companies in the UAE test their ideas and solutions. Bahrain is trailblazing this BTC payment processing solution as part of its efforts to expand its digital economy into a regulated space.
Bitcoin payments have so far been non-existent in the island nation, but interest in the digital asset appears to be growing across the Middle East.
“This is a watershed moment for the people of Bahrain, the Middle East and the entire Bitcoin economy,” said Afnan Rahman, CEO and co-founder of OpenNode, which provides ‘bitcoin-as-a-payment-network’ infrastructure in over 160 countries.
The company intends to adopt BTC as a transaction service on the Lightning Network.
“As a country, we have always been at the forefront of adopting fintech solutions due to the flexibility and forward thinking of our regulators. “We are proud to work with the Central Bank towards establishing a strong financial services ecosystem in the Kingdom of Bahrain,” said Dalal Buhejji, Executive Director of the Bahrain Economic Development Board.
Currently, BTC is trading at a price of $20,000 (roughly Rs. 16 lakh), according to Gadgets 360’s crypto price tracker.
El Salvador, in September last year, became the first country in the world to legalize BTC as a payment option.
In March, the city of Portsmouth in the US state of New Hampshire decided to allow its residents to pay their electricity bills with bitcoins.
