Bake N More, a café in Dubai, is the latest establishment in the area to accept cryptocurrencies as a form of payment. Bake N More's owner, Mohammad Al Hammadi, alluded about the possibility of paying staff salary in bitcoin as well.
In the United Arab Emirates, there is a crypto hub
Bake N More, a Dubai-based cafe, is the latest business to accept cryptocurrencies as a payment method. Despite this, Bake N More will continue to take cash and credit card purchases, according to the owner.
According to comments made by owner Mohammad Al Hammadi in an article by Khaleej Times, the decision to add cryptocurrency to the list of payment options was taken in order to broaden Bake N More's reach. The decision, according to Al Hammadi, was made because they "want Bake n More to be a coffee and pastry center for crypto users in the UAE."
Al Hammadi is mentioned in the paper outlining how Bake N More would charge clients who bought a cup of coffee using bitcoin. He elaborated:
Because our payment system is linked to the pricing charts, it does the conversion. For example, if a bottle of water costs Dh5 [$1.36], the system divides the price by the chart rate, which we may guess is 3.68, and calculates the cost as 1.35 UST.
Changing to a Fiat
Meanwhile, Al Hammadi claimed that his firm is now keeping digital currency and would only use exchange platforms to convert to fiat when necessary. He also mentioned that his organization would pay staff wages in cryptocurrency in the future.
As the UAE's various agencies continue to open up to cryptocurrencies, more businesses are adopting them as well. For example, according to Bitcoin.com News, the accommodation company Stella Stays now accepts bitcoin payments.
Source: bitcoin.com
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