Japan’s e-commerce giant Mercari to offer Bitcoin payments option
- Mercari will allow users to pay for goods in Bitcoin, supported by its blockchain subsidiary, Mercoin.
- The move will make Bitcoin payments available to 22 million monthly users.
Mercari, one of the largest e-commerce marketplaces in Japan, will start allowing Bitcoin payments in June. According to local reports, Mercari will support Bitcoin payments via its Tokyo-based blockchain subsidiary, Mercoin.
The e-commerce giant intends to quote the price of in-app listings in Japanese yen, but users can pay using Bitcoin. However, sellers on the marketplace will receive payments in the local currency after the cryptocurrency is converted for fiat through the blockchain partner.
Mercari’s move underlines the platform’s commitment to innovation and desire to attract a growing segment of digital-savvy clientele. In March 2023, the company initiated a Bitcoin trading service as it makes inroads into the world of digital assets. The platform also allows users to swap their loyalty points for the cryptocurrency.
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Bitcoin Payments Cement Japan’s Crypto Status
The acceptance of Bitcoin as a mode of payment happens when Japan endeavors to become a haven of crypto innovation and Web 3.0. In December 2022, the country lifted a stablecoin ban, allowing their circulation in the country.
Recently, the country revised its cryptocurrency taxation law to make it friendly to investors. The revised law allows businesses to be taxed from the proceeds of their crypto sales. This is unlike the previous provision for taxing unrealized gains on crypto, a major source of tussle with investors. Consequently, various Japanese organizations have made forays into crypto, in line with the national tone. Rakuten, a Japanese technology conglomerate, is the other organization to announce support for Bitcoin. Mercari’s move now means Bitcoin will be available to about 22 million users who visit the e-commerce store on a monthly basis.