• Mon. Mar 4th, 2024

Dubai Café Accepting Crypto as Payment

Apr 2, 2022

A Dubai-based café by the name of Bake N More has become the latest company in the region to have decided to accept payments in the form of crypto. Mohammad Al Hammadi, the owner of the company, hinted that there was also a possibility of paying the salaries of their employees in crypto. Even though they have added this payment method for customers, Bake N More clarified that they would continue to accept payments in cash as well as credit card. The owner also disclosed that the decision to add crypto to their existing payment methods was for expanding the reach of the restaurant.

Al Hammadi, the owner, asserted that he had made the decision because he wants to make Bake N More to be a pastry and coffee hub in the UAE for all crypto users. He also shed light on how the café is planning to charge customers who want to use crypto to pay for their coffee. He said that their payment system would do the conversion as required because it is linked to the price charts. The owner also disclosed that currently, his company is planning on storing digital currency and would only turn to relevant exchange platforms when they decide they want to convert it to fiat.

He also hinted that his company could decide to pay the salaries of its employees in crypto in the future. With different authorities in the United Arab Emirates opening up to cryptocurrencies, it is not surprising that more companies have also begun to embrace them. It was recently reported that Stella, a hospitality brand, had also begun to accept crypto payments. Meanwhile, a school located in Dubai, Citizens School, has announced that it would start accepting tuition payments in the form of Bitcoin (BTC) and Ethereum (ETH). An unnamed processing platform would be used for facilitating payments in digital assets.

The founder of the Citizens School, Dr. Adil Alzarooni said that the payments would automatically be converted into AED. He said that they wanted the young generations to play an important role in achieving a digital economy in the UAE. With a greater number of people embracing digitalization, the children of today would become the investors and entrepreneurs of tomorrow. Meanwhile, the chief executive of Citizens School, Hisham Hodroge said that adding the option of paying tuition fees via crypto is not just about providing people with another payment option.

He stated that it was a way of generating more interest in blockchain applications, a technology that the school intends to use in different areas of its administrative and academic operations in time. The Citizens School is scheduled to open from September and is structured as an international school located in the heart of Dubai. The UAE has recently joined the digital asset bandwagon in the Middle East, as more and more crypto-friendly regulations have been introduced. Dubai recently granted FTX as well as Binance operational licenses. Likewise, regulatory authorities in Abu Dhabi are also working on draft recommendations for governing non-fungible tokens (NFTs).

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