February 14, 2023

Bahrain hotel to accept cryptocurrency payments

A major hotel in the Bahraini capital, Manama, announced Sunday that it will start accepting payment in cryptocurrency.

The beachside Novotel Bahrain Al Dana Resort signed an agreement with the Bahraini payment services firm EazyPay. Per the deal, EazyPay will provide Novotel with payment technology that can accept cryptocurrencies. EazyPay’s crypto payment services are enabled by the global crypto firm Binance’s mobile app, according to a press release.

Novotel Bahrain Al Dana Resort appears to be the first hotel in the country to accept cryptocurrency payments. The Dubai hotels Palazzo Versace and The Manor by JA Hotel announced last year they would start taking payments in crypto.

Why it matters: The Novotel announcement is the latest example of cryptocurrency’s growth in Bahrain. In December 2022, the Bahraini telecom operator stc Bahrain said it would start accepting cryptocurrency for payments. In November, Bahrain’s Carlton Real Estate said it would begin allowing crypto payments in partnership with CoinMENA.

EazyPay received its authorization from the Central Bank of Bahrain to conduct 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 back in 2019. For comparison, the United Arab Emirates issued its virtual assets regulations in 2022.

Know more: The cryptocurrency crash has significantly affected Bahrain and the UAE in particular. Sam Wendel wrote for Al-Monitor PRO last November that the two Gulf countries’ cryptocurrency aspirations are unique given the major losses crypto firms and coins sustained in the past year.

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