BITCOIN AND CRYPTO PAYMENTS ARE APPROVED FOR OVER 5,000 MERCHANTS IN BAHRAIN.ย
Bahrain’s central bank has approved an agreement between EazyPay and Binance that will allow 5,000 POS and online payment gateways to accept bitcoin and cryptocurrency.
Bahrain’s central bank has approved an agreement between EazyPay and Binance that will allow 5,000 POS and online payment gateways to accept bitcoin and cryptocurrency.
- EazyPay has been approved by the Kingdom of Bahrain to enable Bitcoin payments for over 5,000 merchants in the MENA region.
- EazyPay has partnered with Binance to enable instant POS and online bitcoin and crypto payments.ย
- Bahrain has just started to try out bitcoin payments through the central bank’s testing platform for financial services.ย
The CEO of the company, Nayef Alawi, said that the Central Bank of Bahrain (CBB) has given the go-ahead for EazyPay, an online payments platform, to start accepting Bitcoin and other cryptocurrencies in the area.
Binance, a leading cryptocurrency exchange and payment service, has teamed up with EazyPay to make it possible for more than 5,000 POS terminals and payment gateways in Bahrain to accept bitcoin.ย
Users in the area who want to pay with bitcoin will be given a QR code from EazyPay’s terminal, which can then be scanned with the Binance App, allowing almost instant payments with the chosen currency. Also, Binance makes it easy for businesses like EazyPay and merchants who use the platform by letting them convert fiat money instantly.
CBB’s executive director of banking supervision, Khalid Hamad, is said to have congratulated EazyPay on receiving approval from the bank. Also, Binance CEO Changpeng Zhao said that EazyPay would be the first Bitcoin and cryptocurrency payment service in the Middle East and North Africa (MENA) region that would be regulated and approved.
“Our strategic collaboration between EazyPay and Binance is a historic regional and local milestone for both companies in the payment field,” Alawi said.
Alawi concluded by thanking the CBB “for their support in launching this product, which enabled Eazy to provide competitive and innovative payment services to its valued merchants and customers, cementing Eazy’s position as the leading POS and online payment gateway provider in the Kingdom of Bahrain.”
Together with the CBB and OpenNode, the Kingdom of Bahrain has been testing Bitcoin payments through the CBB’s financial sandbox platform.