Bahrain permits over 5,000 merchants to accept crypto payments in Bitcoin

The central bank of Bahrain has authorized cooperation between EazyPay and Binance that would enable 5,000 POS and online payment gateways to accept bitcoin and cryptocurrencies.

According to a statement by firm CEO Nayef Alawi, the Central Bank of Bahrain (CBB) has licensed EazyPay, an online payments platform, to commence Bitcoin and cryptocurrency payments in the area.

Binance, a prominent cryptocurrency exchange and supplier of payment services, has collaborated with EazyPay to enable bitcoin acceptance at over 5,000 point-of-sale (POS) terminals and payment gateways in Bahrain.

Users in the region who choose to pay with bitcoin will be provided with a QR code from EazyPay’s terminal, which can then be scanned with the Binance App to enable near-immediate payments with the desired currency. In addition, Binance enables simplicity for companies like EazyPay and merchants that use the platform by providing fast fiat conversions for merchants.

According to reports, Khalid Hamad, the executive director of banking supervision at CBB, congratulated EazyPay on receiving clearance from the bank. In addition, the CEO of Binance was delighted that EazyPay would be the first Bitcoin and cryptocurrency payment service to be regulated and licensed in the Middle East and North Africa (MENA) area.

“Our strategic relationship between EazyPay and Binance is a regional and local first for both firms,” stated Alawi.

Alawi finished by thanking the CBB “for their assistance towards the introduction of this product, which enabled Eazy to give its valued merchants & customers with competitive and innovative payment services, hence solidifying Eazy’s position as the top POS & Online payment gateway provider in the Kingdom of Bahrain.”

Recently, the Kingdom of Bahrain, in partnership with the CBB and OpenNode, started testing Bitcoin payments through the financial sandbox platform of the central bank.

Also Read: Mike Novogratz Predicts ETH Bottom