Bahrain’s apex bank, the Central Bank of Bahrain is perfecting an arrangement with OpenNode to provide payment settlements using Bitcoin. The move by the bank has been in the offing for the last five years and is geared toward promoting new technologies in financial activities within the country. If experimented successfully by OpenNode, then the scope of adopting it for further use will be expanded.
The Bahrain government through its spokesperson Dalal Buhejji equally sees the wider picture in all of these by hinting that more opportunities will be provided for new organizations that are springing up in the financial world while at the same time, being guided by relevant regulatory laws.
Conflicting Global Perception
The global perception concerning the adoption of cryptocurrency in whatever form (either as a payment system, resource, etc.) has been the subject of debate in 2022 alone. While some countries have banned its application and clamped down on its proponents, others have embraced it as a viable alternative. The Russian Federation, still reeling from the negative impact of economic sanctions thrust on her by the United States and the United Kingdom, because of its ongoing invasion of Ukraine, is endorsing the use of stablecoins to sort transboundary transactions. The action is already gaining popularity in the country with the largest land mass as it is believed that the legislation on this new form of financing will have been set in motion before the end of the year.
