Bahrain is taking the crypto world by storm. Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, became the first person to receive a Crypto.com card powered by Mastercard. This is the big step for both Bahrain and this emerging digital financial sector in the region.
A milestone for crypto in Bahrain
On December 11, 2024, the Crown Prince received the card during a meeting with business leaders. This is not just a ceremonial movement; it is a statement of Bahrain’s commitment to embracing innovative financial technologies.
The partnership between Crypto.com and Mastercard allows users to transact in more than 150 million locations worldwide, both online and in-store. Using this card, a consumer can get an 8% reward on all expenses, making it offered to customers who would like to interact with this virtual currency.
Karl Mohan, managing director of Crypto.com in Asia Pacific and the Middle East, expressed satisfaction with the alliance. As products are expanded into new markets, he says the launch is a testament to the company’s commitment to security and compliance.
Crypto.com has also been granted a Payment Service Provider license by the Central Bank of Bahrain, allowing it to operate within the country’s regulations.
Expansion of digital payment solutions
The launch of the Crypto.com card fits into a broader movement to integrate cryptocurrencies into mainstream trading. It’s the dawn of a new era where the possibilities seem endless, says Amnah Ajmal, executive vice president of market development at Mastercard in Eastern Europe, the Middle East and Africa.
As Bahrain becomes a fintech hub in the region, it will certainly bring more businesses and investments to the country. This ensures that the government’s proactive approach to digital finance paves the way for innovation and growth across sectors.
The way forward
An example of Bahrain’s adaptation to global financial trends is the launch of the Crypto.com card. The region’s fintech landscape is changing dramatically as several companies look to capitalize on the growing interest in cryptocurrencies.
This move not only promotes consumer choice, but also makes Bahrain a leader in adopting innovative financial technologies. It is a positive step when the Crown Prince of Bahrain endorses cryptocurrencies as he does, and in turn influences other countries within the Gulf Cooperation Council (GCC) region.
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