A major hotel in Bahrain's capital Manama announced on Sunday that it will start accepting payments in cryptocurrency.
The beachside Novotel Bahrain Al Dana Resort signed an agreement with Bahraini payment services company EazyPay. Under the agreement, EazyPay will provide Novotel with payment technology that can accept cryptocurrencies. EazyPay's crypto payment services are enabled by the mobile app of global crypto company Binance, according to a press release.
Novotel Bahrain Al Dana Resort appears to be the first hotel in the country to accept cryptocurrency payments. Dubai hotels Palazzo Versace and The Manor by JA Hotel announced last year that they would start accepting cryptocurrency payments.
Why it matters: The Novotel ad is the latest example of The growth of cryptocurrencies in Bahrain. In December 2022, Bahrain's telecom operator stc Bahrain said it would start accepting cryptocurrencies for payments. In November, Bahrain's Carlton Real Estate said it would start allowing crypto payments in partnership with CoinMENA.
EazyPay received its authorization from the Central Bank of Bahrain to make crypto payments last September. The company launched a partnership with Binance for operations in Bahrain at the time.
The Central Bank of Bahrain issued regulations for cryptocurrency-related activities in 2019. For comparison, the United Arab Emirates issued its virtual asset regulations in 2022.
Know more: He cryptocurrency crash it has significantly affected Bahrain and the United Arab Emirates in particular. Sam Wendel wrote for Al-Monitor PRO last November that the cryptocurrency aspirations of the two Gulf countries are unique given the heavy losses suffered by crypto companies and currencies last year.
