Dubai businesses embrace crypto as future of payments

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If you thought that the worldwide media coverage of Dubai’s new crypto laws announced in March was a blip on the radar screen, wait until you see the frenzy with which traditional shops and institutions are embracing digital currencies.Close on the heels of several global crypto exchanges bagging commercial licenses and moving headquarters to Dubai, a motley mix of neighborhood establishments have opened its doors to people willing to lighten their wallets with bitcoin and the like.

Situated in Al-Quoz, Bake N More is a coffee and pastry shop that will go down in local history as the first cafe in Dubai to accept cryptocurrency from its customers. While the cafe still accepts cash and credit cards, it welcomes a mixed bag of digital payments, including Bitcoin, Ethereum and Tether.—AN

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