Just a street away from Singapore's central bank, a cryptocurrency firm has launched, what it claims is the first cafe in the country to be owned and operated by a business promoting its own digital coin.
The downtown pitstop Ducatus Cafe, offers "hand brew" coffee and sandwiches to consumers in exchange for bitcoin, its own virtual currency called Ducatus or other cashless payments.
Its push to promote the use of its own currency through commercial enterprise, rather than speculative investment, comes the same week the Monetary Authority of Singapore urged investors to exercise "extreme caution" toward the cryptocurrency market.
"We just want to make sure people understand that cryptocurrencies are here to stay," Ducatus CEO Ronny Tome said, adding that he plans to open more cafes in other countries and team up with hotels and travel agencies.
The booming global interest in cryptocurrencies means Singapore -- which has positioned itself as a hub for financial technology in Asia -- has to walk a fine line between encouraging technological innovation and reducing financial system risk within its borders.
But experts have warned of a bitcoin bubble bursting amid a recent surge in value.
"So at some point those investors who are in there, who want to speculate, to make money, are going to move away from that because they just can't do it quickly enough and I think that will be the first tipping point," said Tim Phillips, the Asia Pacific Leader for Financial Crime Network at Deloitte.
He added that the second tipping point will be if cryptocurrencies cannot be easily used for everyday retail payments or converted back into cash.
Despite the risks involved and the potential of a bubble -- bitcoin price has soared about 19 times this year -- enthusiast Sebastian Blasius thinks there's more room on the bandwagon, "I cannot tell you how successful it will be, but I think it will be big."