New Delhi: A café based in Dubai, Bake N More has announced that it will accept cryptocurrency as payment for the purchase. It has become the first café in Dubai to accept payments in digital currencies from customers.
The owner of Bake N More, Mohammad Al Hammadi, took Instagram on March 28 to announce that his cafe will be accepting cryptocurrency as payment. However, the café will be accepting cash and credit card as payments as well. The owner of the café decided to accept payments in cryptocurrencies to expand the café and to make it a coffee and pastry hub for crypto users in UAE, reported Khaleej Times.
Hammadi explained the process of how the clients will be charged in cryptocurrencies by converting the cost of items into the cost of cryptocurrencies with the help of the payment system of the café.
Moreover, the payment system is linked to the price charts. With the help of an example, Hammadi explained that if a bottle of water costs 5 Dirhams or $1.36, the system divides it by the chart rate, which can be assumed to be 3.68, and then the cost is too be calculated on the basis of that payable in TerraUSD would be 1.35 UST. TerraUSD (UST) is a decentralised and algorithmic stablecoin of the Terra blockchain. Reportedly, its value is 1:1 to the US dollar.
Moreover, the café currently stores digital currency and in the future will work with relevant parties to convert it to fiat.
The Bake N More café pays its employees through fiat currencies. Although the owner did not specifically state that he will be playing its employees through cryptocurrency in the future, he prompted that there are many possibilities.
