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Although the price of the crypto has been deteriorating for almost a year as part of the current bear market, the cryptocurrency is still seeing steady adoption around the world. The biggest example of this recently came from the Kingdom of Bahrain, where a local fintech company called EasyPay recently received approval from the central bank to open crypto payments.
EazyPay now offers crypto payments across the country
Its online payment platform has partnered with Binance Pay to enable crypto payments, according to an announcement by the platform’s CEO and founder, Naif Tawfiq Allawi. As 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 so shows that Bahrain is becoming more open to crypto adoption, and now more than 5,000 POS terminals and online payment gateways allow cryptocurrencies as a payment option. This includes all kinds of small and large local traders, companies and more, including some famous local names like Al Zain Jewelery and Jasmi, Shaff Digi and the like.
The bank has authorized the use of over 70 different digital assets, all of which can be easily used as payment using the Binance app to scan a QR code on Eazy’s POS terminals. The company’s CEO took the opportunity to publicly thank the central bank for offering crypto payments, but also Binance and Eazy Financial Services. Khalid Hamad Al Hamad, Director General of Banking Supervision at CBB, in his response, praised the launch of Easy with the new service.
Binance’s own CEO Changpeng Zhao also took the opportunity to address this new development. CZ announced that the new feature will be the first regulated and approved crypto payments service offering in the Middle East and North Africa region. This is a great achievement and a step in the right direction, which will eventually lead to widespread adoption of digital assets in the region.
Bahrain-based EasyPay has partnered with it. #Binance Pay to provide the first regulated and approved crypto payments service in MENA.
Crypto payments are available at 5000+ point-of-sale terminals and online payment gateways in Bahrain.https://t.co/Mfn1cpcqoF
– CZ ? Binance (@cz_binance) September 22, 2022
Bahrain has become the latest country to open its doors to crypto.
Binance itself has already been accepted in this part of the world, receiving several regulatory approvals such as a license to provide crypto-related services in the Kingdom of Bahrain, as well as a category 4 license.
As Bahrain is one of the smaller countries in Asia, this move will definitely put it on the map. Although it made headlines for doing so, this is far from the first time Bahrain has done something to embrace cryptocurrencies. In the past, the central bank has issued a framework for many crypto-related activities, pioneering the regulation and licensing of crypto while most other countries have tried to ignore or hinder the phenomenon and progress.
While the EU and the US are debating whether to ban or allow crypto, Bahrain has been developing governance regulations, AML standards, licensing, risk management, security, reporting and many other aspects of the industry’s governance. It also spent the whole of 2022 conducting crypto-related experiments and generally preparing to make its move and accept digital coins, which it has finally done now.
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