The Central Bank of Bahrain approved EazyPay to allow crypto-supported payment via the use of Binance.
Bahrain is officially the Kingdom of Bahrain, an island country in Western Asia. The Central Bank of Bahrain (CBB) is highly influenced by Bitcoin & Blockchain technology and is trying to adopt Bitcoin & Blockchain technology in payment services.
Last week, Nayef Alawi, CEO of EazyPay, announced on LinkedIn that the Central Bank of Bahrain (CBB) granted regulatory approval for EazyPay company to provide Bitcoin & other cryptocurrency-supported payment systems.
Binance, the first ranked global crypto exchange, teamed up with this payment company to allow it to provide Bitcoin payments over 5,000 point-of-sale (POS) terminal. EazyPay CEO said that it is a milestone for both companies to provide crypto payments in under-regulated regions.
“Our strategic partnership between EazyPay and Binance is a historic regional & local milestone for both companies in the payment field,” said Alawi
The use of EazyPay to pay via Binance will be very easy. Users will be prompted with a QR code from EazyPay’s terminal, which can then be scanned with the Binance App. After a QR code scan, payment will settle within a matter of seconds.
The executive director of the banking supervision at Bahrain Central Bank reportedly talked about the success of EazyPay to get regulatory approval from CBB.
Changpeng Zhao, CEO of Binance, also responded to the success of EazyPay & its partnership with Binance and said that it is the first regulated crypto payment system in MENA.
In terms of 24 hours global trade volume, Binance is standing at first rank and also Exchange has hand in multiple crypto sectors to push the adoption & education of blockchain technology.