Would digital currencies be of any good if means of spending the same don’t develop simultaneously? Maybe this was exactly what Ronny Tome, the CEO of Ducatus had in mind while incubating the concept of the first cryptocurrency café in Singapore. The south-east Asian nation unveiled if first crypto café on Thursday which is located just a few blocks away from the central bank of Singapore which had issued a public warning recently in a massive twist of irony. The Central Bank has urged the public to, “act with extreme caution and understand the significant risks” involved in the volatile world of cryptocurrencies.
The café having cosy two-seater tables shall be offering eco-friendly beauty products, sandwiches and “hand brew” coffee which customers can pay for using Ducatus, its very own digital currency rather than the same old Bitcoin thus making way for cashless transactions. Some other eco-friendly options of the café include rice husk cups for eat-in orders, Singapore’s first cryptocurrency-branded shampoo, organic coffees coming in Singapore-style kopi and “Just Java” flavours. It will also house an in-store crypto ATM for Ducatus and bitcoin payments as well as cash-to-Bitcoin deposits.
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Tome has added that the café plans to add in more cryptocurrencies to its wallet options. Launched back in January of the current fiscal, the Ducatus cryptocurrency is valued at $0.13 presently although it has not yet been listed by CoinMarketCap. Tome was quoted as saying, “we just want to make sure people understand that cryptocurrencies are here to stay,” by Reuters recently.
Tome wish to spread the wings of his operation into other countries by establishing partnerships with travel agencies and hotels. Presently there exists two operating branches of the Ducatus Café, the first being launched in December 12 in Seminyak, Bali in Indonesia. Rather than going the speculative investment way, Ducatus wishes to promote the usage of its cryptocurrency by fostering commercial transactions. Tome pointed out that, “the idea of the cafe was developed because we wanted to make sure that people can use our Ducatus coins, but also 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.”
Given the fact that the Singaporean authorities have been issuing a lot of warnings lately in regards to cryptocurrencies, this is perceived as a bold move in part of Tome. Notice was issued on 19th December by the Monetary Authority of Singapore (MAS) which stated that it, “considers the recent surge in prices of cryptocurrencies to be driven by speculation.”
Tome added that, “MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices… The risk of a sharp reduction in prices is high. Investors in cryptocurrencies should be aware that they run the risk of losing all their capital.”
However, he feels that the warnings issued by MAS shall not have a significant impact on his business. He welcomed this stand taken up by the central banker and hoped for further propagation of crypto education amongst the general public in days to come.
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