The central bank of Bahrain approved the partnership between EazyPay & Binance, allowing 5,000 POS to accept cryptocurrency and online payments gateways to do so.
- EazyPay was approved by the Kingdom of Bahrain to allow Bitcoin payments for more than 5,000 merchants in MENA.
- EazyPay has partnered with Binance to enable instant POS and online payment in crypto and bitcoin.
- Recently, Bahrain began to test bitcoin payments via the central bank's financial service testing platform.
According to Nayef Alawi, CEO of EazyPay, the Central Bank of Bahrain (CBB), has approved EazyPay as an online payment platform for Bitcoin and cryptocurrency payments.
Binance, a major cryptocurrency exchange and provider of payment services, has partnered with EazyPay to allow over 5,000 point-of sale (POS) terminals in Bahrain to accept Bitcoin.
EazyPay terminal users will be prompt with a QR code. This can be scann with the Binance App to allow fast payments in bitcoin. Binance also offers convenience to merchants and businesses like EazyPay by allowing instant fiat conversions.
According to reports, Khalid Hamad (executive director of banking supervision at CBB) congratulated EazyPay for gaining bank approval. Binance's CEO also celebrated the approval of EazyPay as the first regulated and approved Bitcoin payment service provider in the Middle East and North African (MENA).
Alawi stated that the strategic partnership between EazyPay & Binance is an historic regional and local milestone in the payment industry.
Alawi ended by thanking CBB for their support in launching this product. This enabled Eazy to offer its valued merchants & clients innovative and competitive payment services which further cements Eazy as the top POS & Online gateway provider in the Kingdom.
In collaboration with OpenNode and the CBB, the Kingdom of Bahrain has begun testing Bitcoin payments via the central bank's financial platform.
Frequently Asked Questions
What proportion of your portfolio should you have in precious metals
Before we can answer this question, it is important to understand what precious metals actually are. Precious Metals are elements that have a very high relative value to other commodities. This makes them valuable in investment and trading. Gold is by far the most common precious metal traded today.
There are also many other precious metals such as platinum and silver. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is also not affected by inflation and depression.
All precious metals prices tend to rise with the overall market. They do not always move in the same direction. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. These precious metals are rare and become more costly.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Can I buy or sell gold from my self-directed IRA
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments that are based on gold's price. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
Do You Need to Open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There is no way to recover money that you have invested in precious metals. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These items are timeless and have a lifetime value. They are likely to fetch more today than the price you paid for them in their original form.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
Do not open an account unless you're ready to retire. Keep your eyes open for the future.
Is gold a good investment IRA option?
Anyone who is looking to save money can make gold an excellent investment. It's also a great way to diversify your portfolio. But gold is not all that it seems.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the oldest currency in the world.”
Gold is not created by governments, but it is extracted from the earth. It is very valuable, as it is rare and hard to create.
The supply-demand relationship determines the gold price. The strength of the economy means people spend more, and so, there is less demand for gold. As a result, the value of gold goes up.
On the flip side, people save cash for emergencies and don't spend it. This results in more gold being produced, which drives down its value.
This is why investing in gold makes sense for individuals and businesses. If you have gold to invest, you will reap the rewards when the economy expands.
In addition to earning interest on your investments, this will allow you to grow your wealth. Additionally, you won't lose cash if the gold price falls.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
irs.gov
How To
The History of Gold as an Asset
From the very beginning of time, gold was a currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. It was also traded internationally due to its high value. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.
The United States began issuing American coin made up 90% copper, 10% zinc and 0.942 fine-gold in the 1860s. The result was a decrease in foreign currency demand, which led to an increase in their price. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government needed to find a solution to their debt because there was too much money in circulation. To do so, they decided to sell some of the excess gold back to Europe.
Since most European countries were not confident in the U.S. dollar they began accepting gold as payment. After World War I, however, many European countries started using paper money to replace gold. The price of gold rose significantly over the years. Even though the price fluctuates, gold is still one of best investments.
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By: Shawn Amick
Title: Bahrain Approves Bitcoin, Crypto Payments For Over 5,000 Merchants
Sourced From: bitcoinmagazine.com/business/bahrain-approves-eazypay-for-bitcoin-crypto-payments
Published Date: Thu, 22 Sep 2022 13:38:14 GMT
