Dubai Café Accepts Cryptocurrency as Payment, Owner Hints at Paying Employee Salaries in Crypto
Bake N More, a Dubai-based cafe, has become the latest company from the region to add cryptocurrency as a payment option. According to the company’s owner, Mohammad Al Hammadi, Bake N More hinted at possible plans to pay employee salaries in cryptocurrency as well. A Hub for Crypto Users in UAE
A Dubai-based cafe, Bake N More, has become the latest company to add cryptocurrency as another payment option available to customers. Despite taking this step, Bake N More will nonetheless continue to accept cash and credit card payments, the owner said.
According to his remarks published in a report by Khaleej Times, owner Mohammad Al Hammadi suggested the decision to add crypto to the list of payment methods was made in order to expand Bake N More’s reach. Al Hammadi also claimed the decision was because they “want Bake n More to be a coffee and pastry hub for crypto users in UAE.”
Elsewhere in the report, Al Hammadi is quoted explaining how Bake N More would charge clients that buy a cup of coffee using cryptocurrency. He explained: Our payment system does the conversion accordingly as it is linked to the price charts. For instance, if a bottle of water cost Dh5 [$1.36], the system divides it by the chart rate, we can assume 3.68, and calculates the cost based on that will be 1.35 UST. Converting to Fiat
Meanwhile, Al Hammadi revealed that his company is currently storing digital currency and will only engage the relevant exchange platforms when it needs to convert to fiat. He also hinted that his company may in the future pay employee salaries in crypto.
As different authorities in the UAE continue to open up to cryptocurrencies, more companies are embracing them as well. For instance, Bitcoin.com News recently reported that the hospitality brand Stella Stays now accepts cryptocurrency. Tags in this story accept crypto, Bake N More, credit card payment, crypto salary, Digital Currency, fiat currency, Mohammad Al Hammadi, UST
What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency EMERGING MARKETS | 3 days ago UAE Venture Capital Firm Launches $100 Million Seed Fund for Blockchain and Crypto Projects EMERGING MARKETS | 4 days ago
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