Japan, a country known for innovation and technological progress, surprises the world again. This time it’s about a revolution in the e-commerce sector, more precisely about the introduction by Mercari, a leading electronic trading platform, of the option to pay with Bitcoin for products from their online marketplace. This groundbreaking event not only reflects the growing acceptance of cryptocurrencies in daily transactions but also highlights Japan’s shift in approach to regulating this modern financial sector.
Mercari, an e-commerce giant in Japan, plans to allow its customers to pay for products using Bitcoin as early as June of this year. Thus, the company becomes a pioneer in the industry, opening new horizons for cryptocurrencies in the Japanese market.
Bitcoin payments will be converted to Japanese yen in real-time through Mercoin, a dedicated cryptocurrency exchange and blockchain services firm by the company. The Mercoin platform, launched in March 2023, was created specifically for Mercari users to enable them to buy and sell BTC directly through the marketplace application.
Product prices will still be displayed in yen, and users will be able to make payments in Bitcoin. These BTC payments will then be converted to yen by Mercoin, which will charge an undisclosed fee for processing these transactions.
Mercari is a platform that, since its inception in 2013, has gained immense popularity, amassing 22 million active users per month. The company expanded its operations to the United States in 2014 and to the United Kingdom in 2016. The Mercari app has been downloaded over 100 million times worldwide, becoming the first pre-IPO company to achieve unicorn status in Japan.
Mercari’s introduction of Bitcoin payment options is not only a step towards diversifying payment options but also a significant contribution to the mainstream acceptance of cryptocurrencies in Japan. The country, which has maintained strict regulations on cryptocurrencies for a long time, recently significantly changed its approach to create a more conducive environment for crypto-related businesses, balancing tax requirements at the same time.
In April, Japanese regulators announced plans to eliminate corporate taxes on unrealized gains from cryptocurrencies. Lobbying groups, such as the Japan Cryptoasset Business Association, are also calling for more favorable crypto regimes.
This step by Mercari, in addition to its significance for the company itself, has broader implications for the future of cryptocurrencies in Japan. It facilitates understanding and acceptance of new financial technologies by a wider audience, showing that even in a world dominated by traditional currencies, cryptocurrencies can find their place and function alongside them. It heralds a new era in digital payments, where Bitcoin and other cryptocurrencies are gradually becoming part of everyday life.
Photo by Jezael Melgoza on Unsplash
