MANAMA: A Saudi-Bahraini family business that hosts the Bahrain Comic Con has become the first in Bahrain to accept cryptocurrencies and NFTs as payment.
Salman Bukhari, managing partner at Dallah, told the GDN in an exclusive interview that he and his brothers decided to be early-adopters of the trend that’s sweeping across the world.
Mr Bukhari said Dallah, which comprises 10 companies in total, will not only accept all major cryptocurrencies including Bitcoin, Ethereum but also offer discounts of up to 20 per cent if customers choose to pay using cryptocurrencies.
The range of products and services offered by the company includes marketing, advertising, event and social media management, salons for men and women, cosmetics retail and a fine dining restaurant.
Announcing that the Bahrain Comic Con, which is biggest pop culture convention in the kingdom hosted at the Bahrain International Circuit, is making a comeback after a two-year hiatus in the 2nd half this year, he said cryptos are set to take centre-stage at the event.
The last edition of the Bahrain Comic Con saw more than 20,000 attendees from around the world.
Dallah is also the marketing and strategic partner of Spartan Race, an innovative obstacle course challenge that features more than 130 races around the world annually.
A passionate crypto-evangelist, Mr Bukhari’s belief in the phenomenon stems from a sense of anticipating the future.
“The main reason for accepting crypto as payment is because it’s here to stay... After Mark Zuckerberg announced the Metaverse, you have seen how the market has evolved and how companies like Adidas and Nike have gone into NFTs. We have to catch up with global trade and crypto is the future,” he added.
He asserted that cryptocurrencies are not a trend.“This is something that’s for the people, by the people, nobody can control it unlike things like stock markets, which can be manipulated easily.
“All the big companies are jumping into crypto and I wouldn’t be surprised if in the next five to ten years, there will be no more cash and people will just deal in digital money,” he declared.
The entrepreneur is joining big names in business like Coca Cola, Microsoft, Starbucks, Tesla, Amazon, Mastercard, Visa, PayPal, airBaltic, auction house Sotheby’s, LOT Polish Airlines, AXA Insurance, travel giant Expedia, handmade cosmetics company Lush and AXA Insurance that already accept cryptocurrencies as payment.
According to Investopedia, a cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralised networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers, whereas a non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio.
According to experts, benefits of digital currencies include contactless transactions, real-time monitoring of the economy and improved anti-money laundering initiatives, as digital currencies have better track and trace potential compared with physical cash. Last September, El Salvador officially became the first country in the world to accept Bitcoin as legal tender.
Mr Bukhari described the country as a trend-setter asserting that others will soon follow suit.
Mr Bukhari
Leaders of Paraguay, Panama, Brazil, Mexico among others have all expressed support for cryptocurrency adoption.
However, S&P Global Ratings still considers bitcoin and other cryptocurrencies more as speculative instruments than as payment vehicles that could substantially alter the financial system.
Analysing risks of these instruments, the company notes that their environmental footprint is reportedly high.
For example, last year bitcoin reportedly consumed a broadly comparable amount of electricity as the Netherlands or the UAE consumption, S&P added.
A recent blog posted by an IMF official says while for some, Bitcoin is an opportunity to transact anonymously — for good or bad; for others, it is a means to diversify portfolios and hold a speculative asset that can bring riches but also significant losses.
“If a cryptoasset were granted legal tender status, it would have to be accepted by creditors in payment of monetary obligations, including taxes, similar to notes and coins (currency) issued by the central bank. A cryptoasset might catch on as a vehicle for unbanked people to make payments, but not to store value. It would be immediately exchanged into real currency upon receipt,” the blog added.
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