Cash is not accepted for coffee at Singapore’s Ducatus Cafe, which has officially opened at Oxley Tower on Robinson Road.
Owned by cryptocurrency mining company Ducatus Global, the cafe does not take cash, depending on credit cards and, of course, cryptocurrencies – available through a special ATM in the store.
However, in its latest Facebook posting, the cafe says its cryptocurrency ATM is temporarily out of service.
Bitcoin is accepted as well as its own Ducatus coin, available via the Ducatus App which can be found in the Google Play Store. CEO Ronny Tome says there are plans to accept other cryptocurrencies soon.
“The idea of developing the cafe was because we wanted to make sure people can use our Ducatus coins as well as bitcoins and other cryptocurrencies in day-to-day business.
“Right now, cryptocurrencies are mostly used for speculation on markets…We want to make it part of our daily life,” he says.
Also launched this month, the Ducatus coin is worth about 10 cents.
The in-store cryptocurrency ATM is to enable customers to make cash-to-bitcoin deposits while waiting for their order. As well as coffee and snacks, the cafe sells branded gifts.
Tome says he will open more cafes in Singapore. His initial cafe opened in Seminyak, Bali, on December 12, and he has plans to roll out the cafes in other countries as well as team up with hotels and travel agencies.
Meanwhile, Tome is confident the virtual money industry will help national economies grow faster. He says governments should give cryptocurrency the chance to further grow.
“Cryptocurrency and the underlying technology of blockchain will change the world. I’m 100 per cent sure of that – it’s here to stay.
“I see only upsides, and it just requires all of us, all players, the government as well as businesses, to work together and find the best way of making use of this new amazing technology.”