Cryptocurrency is still seeing steady adoption around the world, despite the fact that the crypto prices have been crashing for nearly a year as part of the current bear market. The biggest example of this recently comes from the Kingdom of Bahrain, where a local fintech company called EazyPay just received the central bank’s permission to launch crypto payments.
EazyPay now offers crypto payments throughout the country
According to the announcement published by the platform’s CEO and founder, Nayef Tawfiq Al Alawi, his online payment platform teamed up with Binance Pay to enable crypto payments. Since the platform is regulated by the CBB (Central Bank of Bahrain), the bank had to give the green light for this to happen.
The fact that it did shows that Bahrain is becoming increasingly open to crypto adoption, and now, more than 5,000 POS terminals and online payment gateways will allow cryptocurrencies as a payment option. This includes all kinds of small and large local merchants, companies, and more, including some well-known local names such as Al Zain Jewelry and Jasmi’s, Sharaf DG, and alike.
The bank has allowed the use of over 70 different digital assets, all of which can be used as payment simply by using the Binance App to scan QR codes at Eazy’s POS terminals. The company’s CEO used the opportunity to publicly thank the central bank for the opportunity to offer crypto payments, but also Binance and Eazy Financial Services. In response, the executive director of the banking supervision at CBB, Khalid Hamad Al Hamad, congratulated Eazy on the launch of the new service.
Binance’s own CEO, Changpeng Zhao, also used the opportunity to address this new development. CZ remarked that the new feature will be the first-ever regulated and approved crypto payments service offering in the Middle East and North Africa region. This is a huge achievement and a step in the right direction, which will eventually lead to large-scale adoption of digital assets throughout the region.
Bahrain-based EazyPay has partnered with #Binance Pay to launch the first regulated & approved crypto payments service offering in MENA.
Crypto payments will be available across 5000+ Point-of-Sale Terminals & Online Payment gateways in Bahrain.https://t.co/Mfn1cpcqoF
— CZ 🔶 Binance (@cz_binance) September 22, 2022
Bahrain becomes the latest country to open its doors to crypto
Binance itself has already been accepted in this part of the world, receiving a number of regulatory approvals in the Kingdom of Bahrain, such as the license to offer crypto-related services, as well as the Category 4 license.
While Bahrain is one of the smallest countries in Asia, this move will definitely put it on the map. Despite the fact that it made headlines for doing this, this is far from the first time that Bahrain has done something to adopt cryptocurrencies. Previously, its central bank issued a framework for numerous crypto-related activities, becoming a pioneer for regulating and licensing crypto when most other countries tried to ignore or hinder the phenomenon and its progression.
While the EU and the US were discussing whether to ban or allow crypto, Bahrain has been establishing rules for governance, AML standards, licensing, risk management, security, reporting, and many other aspects of governing the industry. It has also spent the entirety of 2022 conducting crypto-related experiments and overall, preparing to make its move and adopt digital coins, which it finally did just now.
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