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 and payment gateways within 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 enabling instant fiat currency conversions.
According to reports, Khalid Hamad (executive director of banking supervision at CBB) congratulated EazyPay for obtaining approval from the bank. 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 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
Is gold a good choice for an investment IRA?
For anyone who wants to save some money, gold can be a good investment. It is also an excellent way to diversify you portfolio. There is much more to gold than meets your eye.
It’s been used as a form of payment throughout history. It’s often referred to as “the world’s oldest currency.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It’s hard to find and very rare, making it extremely valuable.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. Gold’s value rises as a result.
The flip side is that people tend to save money when the economy slows. This causes more gold to be produced, which lowers its value.
This is why it makes sense to invest in gold for individuals and companies. If you have gold to invest, you will reap the rewards when the economy expands.
Additionally, you’ll earn interest on your investments which will help you grow your wealth. Plus, you won’t lose money if the value of gold drops.
Who has the gold in a IRA gold?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don’t intend to use it.
If you plan to eventually sell the gold, you’ll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
What Should Your IRA Include in Precious Metals?
When investing in precious metals, the most important thing to know is that they aren’t just for wealthy people. You don’t need to have a lot of money to invest. There are many methods to make money off of silver and gold investments.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. Shares in precious metals-producing companies could be an option. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You’ll still get the benefit of precious metals no matter which country you live in. Even though they aren’t stocks, they still offer the possibility of long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
How Do You Make a Withdrawal from a Precious Metal IRA?
First decide if your IRA account allows you to withdraw funds. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, calculate how much money your IRA will allow you to withdraw. This calculation depends on several factors, including the age when you withdraw the money, how long you’ve owned the account, and whether you intend to continue contributing to your retirement plan.
Once you know what percentage of your total savings you’d like to convert into cash, you’ll need to determine which type of IRA you want to use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once the calculations have been completed, it’s time to open a brokerage accounts. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. However, a debit card is better than a card. This will save you unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. Before you choose one, weigh the pros and cons.
Bullion bars require less space, as they don’t contain individual coins. But, each coin must be counted separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people like to keep their coins in vaults. Others prefer to place them in safe deposit boxes. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
How to Open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. To open the account, complete Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form should be completed within 60 days after opening the account. Once this is done, you can start investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious-metals IRA, you’ll need to meet some requirements. The IRS states that you must be at least 18 and have earned income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Contributions must be made regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you can’t purchase physical bullion. This means you won’t be allowed to trade shares of stock or bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. This option is offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. They aren’t as liquid as bonds or stocks. It’s also more difficult to sell them when they are needed. They also don’t pay dividends, like stocks and bonds. Also, they don’t generate dividends like stocks and bonds. You will eventually lose money rather than make it.
How much of your portfolio should you hold in precious metals
This question can only be answered if we first know what precious metals are. Precious elements are those elements which have a high price relative to other commodities. They are therefore very attractive for investment and trading. The most traded precious metal is gold.
There are also many other precious metals such as platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is not affected by inflation or deflation.
In general, all precious metals have a tendency to go up with the market. However, they may not always move in synchrony with each other. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. 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.
To maximize your profits when investing in precious metals, diversify across different precious metals. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It’s not exactly legal – WSJ
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
cftc.gov
How To
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. Due to its value, it was also internationally traded. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). This resulted in a decline of foreign currency demand and an increase in the price. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. The U.S. government needed to find a solution to their debt because there was too much money in circulation. To do this, they decided that some of their excess gold would be sold back to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. After World War I, however, many European countries started using paper money to replace gold. The gold price has gone up significantly in the years since. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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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
