Regions across the United Arab Emirates are exploring the Web3 space, intending to establish the country among previously adopters of the technology. The Central Bank of Bahrain (CBB) is working together with OpenNode''s BTC payment processor to help fintech companies in the United Arab Emirates test their ideas and solutions. Bahrain is taking up the path of this BTC payment processing solution as part of its attempts to grow its digital economy in a controlled space.
Bitcoin payments in the island nation had been in place until today, but the desire for this digital asset is to rise throughout the Middle East.
"This is a watershed event for Bahrain, the Middle East, and the Bitcoin economy as a whole," said Afnan Rahman, the CEO and co-founder of OpenNode, which provides bitcoin-as-a-payment-network infrastructure services in over 160 countries.
The company intends to drive the adoption of the BTC as a transaction service on the lightning network.
Thanks to our regulator''s ability and forward thinking, we have always been ahead of the curve in adopting fintech solutions. "We are proud to have collaborated with the Central Bank in order to enliven a strong financial services ecosystem within the Kingdom of Bahrain," says Dalal Buhejji, the executive director of Investment Development for Financial Services at the Bahrain Economic Development Board.
According to Gadgets 360''s crypto price tracker, BTC is currently trading at the price point of $20,000 (roughly Rs. 16 lakh).
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El Salvador, the first country in the world to legalize BTC as a payment option, was founded last year in September.
Back in March, a Portsmouth city in the United Hampshire state of the United States decided to allow its residents to pay electricity bills via Bitcoins.