Bitcoin Payments Receives Green Light from Bahrain’s Central Bank

Updated:

The Central Bank of Bahrain (CBB) has announced plans to launch a Bitcoin (BTC) payment processing and payment solution through a partnership with BTC payment processor OpenNode.

OpenNode noted in a press statement earlier today that the solution comes amid increasing interest in digital assets across the Middle East. The crypto payment company noted that the proposed payment solution will play a critical role in fostering economic growth while supporting businesses.

Commenting on the recent development, CEO of OpenNode Afnan Rahman noted:

“This is a watershed moment for the people of Bahrain, the Middle East, and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”

OpenNode further explained that once launched, the payment solution will open the avenue for similar products to be developed in the future.

Meanwhile, Dalal Buhejji from the Bahrain Economic Development Board noted that the Bitcoin payment solution is a part of the fast-growing regulated digital economy.

The creation of a BTC payment processor highlights Bahrain’s commitment to growing and sustaining its local cryptocurrency industry.

Key Bitcoin Levels to Watch — September 13

BTC suffered a sharp decline today after the inflation number from the US Department of Labor came in hot. The 8.3% inflation rate in the US indicates that the Federal Reserve can keep its quantitative tightening measures in place, which rings bad news for Bitcoin and other risky markets.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

In the meantime, BTC will have to slow the fall around the $20,000 – $20,500 zone ahead of the Merge.

Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,500, $19,000, and $19,500.

Total Market Capitalization: $1.01 trillion

Bitcoin Market Capitalization: $398.8 billion

Bitcoin Dominance: 39.5%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.