A 107-year-old Australian pub has decided to accept the world's newest currency: Bitcoin.

Garry Pasfield, publican at The Old Fitzroy in Sydney's bohemian inner city suburb of Woolloomoloo told The Reg he likes the idea of getting in early on Bitcoin. Pasfield said he's no idea if Bitcoin will take off, but likes the idea of being among the first to accept it as payment.

“I am interested in bitcoin because it is progressive,” he said. He also thinks it is a finger in the eye of Australia's big banks, four of which make colossal profits and are often felt to squeeze out smaller competitors.

To buy a beer with bitcoin, punters will need a smartphone to scan a QR code that will be beamed over the bar on a screen. That code will invoke an unspecified Bitcoin exchange that will delve into a drinker's own Bitcoin account and settle the transaction.

The initiative isn't all Pasfield's idea: a local Bitcoin pusher has been part of the push and will be on hand to educate punters on the currency.

The first servings of booze-for-bitcoins will pour on September 29th. ®