A new US law requiring citizens to report crypto payments worth more than $10,000 is primed to take effect in January after a legal challenge to the requirement was swatted down in court last week. The legal challenge began last year when the crypto advocacy group Coin Center and a handful of other plaintiffs sued […]
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The SHIB-themed diner serves hot wings, burgers and cocktails, but despite the branding, still trades mostly in fiat.
After a grand opening in March, Australian fast-food diner Shiba Wings has seen plenty of customers walking through the doors for their fried delectables.
Their appetite, however, hasn’t translated to crypto payments.
The Shiba Inu (SHIB) themed diner first opened its doors in Australia’s beachside city Surfers Paradise on March 18, 2023.
Speaking to Cointelegraph, the pseudonymous owner of the diner, “Elijah,” said their first week saw roughly $168 (250 Australian dollars) worth of crypto payments. In the months that followed total crypto payments dropped off, falling to an average of around $34 (50 Australian dollars) per week.
Most of these payments have been Shiba Inu, followed by Dogecoin (DOGE) and then Cardano (ADA).
However, Elijah doesn’t believe this is a cause for concern, stressing that crypto payments themselves aren’t the focal point of the business. Instead, Elijah said he's more focused on serving up good quality food and building the Shiba Wings brand itself.
“[Crypto payments] were more of an add-on feature. You generally don't want to be using your crypto to make payments, or you’ll end up like that Bitcoin guy that bought the Pizzas.”
“I actually advise people not to spend lots of crypto here. I say ‘listen I would keep that, probably not a coin you'd want to use on food, maybe use a different one that you hold a lot more of,’” Elijah said.
Elijah said his goal was to use the crypto element as a way to create a fast food franchise that could compete with McDonalds, mainly by leveraging the Shiba Inu brand.
The Shiba Inu community has a large, international following. At the time of publication, the Twitter accounts for the Shiba Inu Token and the Shib Army flex a combined audience of more than 4.1 million followers.
Our Shiba Wings vision and brand coming to life!
— shibawings (@shiba_wings) January 16, 2023
Counting down the days ⏰️
Location: Cavill Avenue, Surfers Paradise#Shibarium #ShibaArmy #shibainucoin #ShibaInu #cryptocurrency #Ethereum #Bitcoin #Binance #Crypto #chicken #WINGS #beer #ToTheMoon pic.twitter.com/aDIP7CM6CV
“I bought the Intellectual Property rights to Shiba Inu in Australia,” Elijah said, noting that he plans to leverage the ownership of the logo and associated branding materials to launch a series of Shiba Wings franchises by the end of the year.
“My goal is to create the next fast food franchise concept to compete against a Maccas, but obviously giving it a very different feel and spin, having the crypto element as an innovation in the fast food space.”
Elijah also pointed to Shiba Wings’ upcoming NFT release which will allow for holders to own a share of the business itself. Elijah says that the NFT rollout will see “15% ownership of every restaurant given to the community,” essentially making them quasi-shareholders which will see them be paid quarterly dividends.
He added that there will soon be a separate Shiba Wings token that will also provide holders with in-store benefits.
Related: Memecoins: From memes to multibillion-dollar pumps, scams and rug pulls
According to an August, 2022 survey from crypto exchange Crypto.com, 55% of Australian merchants and consumers were interested in purchasing goods and services in cryptocurrency, with almost half (47%) of all surveyed merchants saying that they were ready to accept crypto payments within a year.
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A crypto payments service says that it is shuttering its doors after being in the business for 10 years, citing harsh market conditions. In a new statement, crypto payments firm Wyre says that the decision to cease operations is in the best interest of its customers and stakeholders. “After nearly a decade, Wyre is winding […]
The post Crypto Payments Firm Wyre To Shut Down After a Decade in Business, Citing Market Conditions appeared first on The Daily Hodl.
Bali’s government is reportedly warning tourists that they will suffer harsh penalties for any payments made using cryptocurrencies. According to a new report from Channel News Asia, Bali’s governor Wayan Koster is sending a firm message to foreign tourists that crypto is an illegal form of payment, including at hotels, restaurants, and small businesses. Koster’s […]
The post Tourists in Bali Warned Against Using Crypto for Payments, Governor Says They’ll Be ‘Dealt With Firmly’: Report appeared first on The Daily Hodl.
Cryptocurrency trading is legal in Indonesia, but the use of crypto in payments carries hefty penalties including jail time.
Bali’s government is cracking down on tourists paying for goods and services using cryptocurrency, with the island’s governor sending a reminder that Indonesia’s fiat currency is the only legal tender.
On May 28, the government-owned news agency Antara reported Bali’s governor Wayan Koster hosted a press conference the same day and said tourists who “use crypto as a means of payment [...] Will be dealt with firmly.”
"Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions," he added.
The meeting was attended by Bali’s chief police inspector and Trisno Nugroho, the head of the Bali Representative Office for Bank Indonesia — the country’s central bank.
Nugroho reaffirmed that trading crypto is allowed but the use of crypto for payments is banned.
I dont understand why Koster keep saying stuff to scare away tourists from not allowing tourist to rent bikes, to only allow certain number of tourist, but so far zero implementation
— Dea Rezkitha ( Bitcoin Conference 23 Bali ️) (@dearezkitha) May 29, 2023
I feel he tries his best to make sensational policues just because his term end this year
Koster noted that Indonesia’s currency — the rupiah — is the only one that can be legally used for payments in the country. The use of other currencies carries a maximum potential sentence of one year in prison and an over $13,000 fine or 200 million rupiah.
The Bali governor's announcement comes days after a May 26 investigative report in Kompas, considered the country’s newspaper of record.
Related: Indonesian government looks to NFTs to preserve cultural heritage
Kompas reportedly found multiple Bali-based businesses that accepted cryptocurrency payments including a meditation retreat, a motorbike rental business and a crypto-themed cafe.
According to data from Coinmap, a community-driven project that aims to map crypto-accepting businesses, there are 36 businesses that accept crypto, mostly concentrated in Ubud — a tourist hotspot town.
Despite the hardline stance from Bali’s governor and Indonesia, the country is on the path to rolling out a national crypto exchange by next month.
Indonesia’s Ministry of Trade would reportedly act as a custodian and clearing house for the local cryptocurrency markets. The platform was originally meant operational by the end of 2022, but suffered delays.
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Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of […]
Payments processing firm Stripe is launching a new hosted fiat-to-crypto onramp in an effort to make digital asset purchases easier. In December, the payments giant rolled out an embeddable fiat-to-crypto onramp for Web3 developers. Now, in addition to that product, Stripe is also offering a hosted onramp available at crypto.link.com. Web3 companies can direct their […]
The post Payments Giant Stripe Rolls Out New Fiat-to-Crypto Onramp To Make Digital Asset Purchases More Convenient appeared first on The Daily Hodl.
Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of cross-border settlements. Iran to Use Cryptocurrencies for Imports, Trade Organization Chief Vows Iranian companies will be able pay for […]
Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated. Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions […]
The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled. Digital Ruble Platform to Support Integration With Other CBDCs, Bank of […]