In a remarkable move, an educational institution turned in the Philippines opened a Bitcoin only cafe. Reportedly, the cafe is only open to accepting Bitcoin as the source of payment, making it the first of its kind.
According to local media reports, an outlet named Sats Cafe, is the first coffee shop in the country to be operating using cryptocurrency as the sole mode of payment. The cafe has been opened in the campus of Silliman University in Dumaguete, Philippines.
Notably, the cafe has been hyped and advertised by the dean of the university himself who is recognised to be a very strong proponent of Bitcoin. Florin Hilbay, the dean of the university’s college of law is a staunch advocate of Bitcoin and counts this move as a historic step.
Additionally, the law professor has wrote a book about Bitcoin and was once the Solicitor General of the country. The Solicitor General is the principal law officer and legal defender of the government.
Sources reveal that the cafe’s menu costs from a range of 2,500 up to 4,500 Satoshi, which is the smallest unit of a Bitcoin. Hence, based on recent market prices, the cheapest food offered is worth $0.70.
Situated in Southeast Asia, the Philippines is known for its strong adoption of cryptocurrency, particularly due to Web3-based game Axie Infinity. Currently, cryptocurrency is allowed in the country and the national government is looking toward establishing a budding crypto sector with full regulation.
Other neighboring Asian countries like Singapore, Hong Kong, and Vietnam are looking to challenge the west dominance in terms of cryptocurrency adoption with their respective initiatives. However, alarmed by the increasing crimes, the nation has also taken some strict measure to efficiently regulate the sector and keep an eye on crypto entities.
Additionally, it is worth noting that the acceptance as crypto for payments has not been for the first time and previously several entities have embraced the idea. To this, the example of El Salvador stands as a suitable example where the government has not only announced Bitcoin as a legal tender but has taken a lot of steps in the direction.
In fact, several big and renowned names have also stood up for the option of including Bitcoin and other crypto assets in the payment ecosystem. As reported by Todayq News, earlier this year, Ralph Lauren’s Miami store announced that it wills accept crypto payments. Customers can purchase merchandise using Bitcoin, Ethere, and Polygon’s token, MATIC, through the brand’s partnership with service provider BitPay.