Singapore Opens First Cryptocurrency Café

Published on December 19, 2021 by Cryptovest Staff

Singapore Central Bank Urges “Extreme Caution” on Cryptocurrencies

Singapore has opened its first cryptocurrency café this Thursday. In a twist of irony, the Ducatus Café is located just a street away from Singapore’s central bank, which only two days prior issued a warning to the public to “act with extreme caution and understand the significant risks” involved in investing in cryptocurrencies.

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Ducatus CEO Ronny Tome said his café offers "hand brew" coffee, sandwiches and eco-friendly beauty products. All transactions are cashless, instead using Bitcoin and its very own digital currency called Ducatus. There are plans to accept other cryptocurrencies soon, Tome adds.

The Ducatus cryptocurrency was launched in January this year. Tome mentioned that the virtual currency is now valued at around S$0.13, although it is not listed on CoinMarketCap.

"We just want to make sure people understand that cryptocurrencies are here to stay," Tome was quoted by Reuters as saying. He also revealed plans to expand operations in other countries by entering a partnership with hotels and travel agencies.

There are two existing Ducatus Café branches in the world. The first branch opened on December 12 in Seminyak, Bali in Indonesia.

The concept of accepting cryptocurrencies is Ducatus’ way of promoting its own virtual currency through commercial transactions instead of speculative investment. Tome explained: "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."

Singapore Central Bank Urges “Extreme Caution” on Cryptocurrencies

Indeed, the launch of the Ducatus Café was a bold move for Tome on the back of the central bank warning. On December 19, the Monetary Authority of Singapore (MAS) issued a notice stating that it “considers the recent surge in prices of cryptocurrencies to be driven by speculation.”

MAS warned: "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."

Despite the warning, Tome believes that the MAS caution will not have a huge impact on his business and even welcomed the central bank’s initiative to educate the public about cryptocurrencies.

Inside The Ducatus Café

The café features a number of eco-friendly and innovative offerings designed to integrate cryptocurrencies into everyday life. Its in-store amenities include:

  • In-store ATM: A cryptocurrency ATM for Bitcoin and Ducatus payments as well as cash-to-Bitcoin deposits.
  • Variety of Beverages: A selection of coffee flavors, including Singapore-style kopi and the gourmet coffee "Just Java".
  • Organic Coffees: A range of organic coffees is available for connoisseurs.
  • Branded Shampoo & Beauty Products: Singapore’s first cryptocurrency-branded shampoo along with healthy beauty products.
  • Eco-Friendly Cups: Rice husk cups provided for eat-in orders, reinforcing an eco-friendly commitment.
  • Cozy Ambiance: Comfortable two-seater tables to create a warm and inviting atmosphere.