Cryptocurrency adoption is reportedly growing in the country of Bahrain, with local companies allowing cryptocurrency-based payments in currencies such as Bitcoin (BTC), as reported by Cointelegraph.
According to Cointelegraph, EazyPay, an online payment platform regulated by the Central Bank of Bahrain (CBB), has collaborated with Binance Pay to enable cryptocurrency payments in the country, as announced by Nayef Tawfiq Al Alawi, founder and CEO, EazyPay, stated. The newly unveiled cryptocurrency payment option will be available to more than 5,000 point-of-sale (POS) terminals and Bahrain’s online payment gateway. Reportedly, local merchants and firms, including Lulu Hypermarket, Sharaf DG, Al Zain Jewelry and Jasmi’s, will be permitted to accept 70 cryptocurrencies as payment through scanning the QR code from Eazy’s POS using Binance application. Al Alawi highlighted that Eazy Financial Services received license and is regulated by Bahrain’s central bank as the fifth POS and online payment service provider.
On the basis of information by Cointelegraph, Changpeng Zhao, CEO, Binance, emphasised that EazyPay’s cryptocurrency payment feature would be the first regulated and approved cryptocurrency payments service offering in the Middle East and North Africa region. Bahrain has reportedly been adopting cryptocurrency over the last couple of years. In 2019, the CBB created an ecosystem for cryptocurrency-related activities, officially establishing rules for licensing, governance, risk management, anti-money laundering standards, reporting, security, and other rules for crypto-asset services.
Moreover, Cointelegraph noted that Bahrain has been exploring around cryptocurrency and blockchain since adopting cryptocurrency-based regulations. In January, 2022, the CBB concluded a digital payments trial in partnership with JP Morgan’s blockchain and cryptocurrency unit Onyx. In June, CoinMENA, a local cryptocurrency exchange backed by CBB, announced its plans to extend cryptocurrency trading services in Egypt.
Going by Cointelegraph’s official website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.
(With insights from Cointelegraph)