In a groundbreaking development, Japan’s e-commerce powerhouse, Mercari, has set its sights on embracing the world of cryptocurrency. According to reports from Nikkei, the company has made plans to accept Bitcoin (BTC) payments by June 2024, signaling a significant shift in the landscape of online transactions.
Mercari’s Subsidiary to Host BTC Payments
Mercari, renowned for its innovative approach to online marketplaces, is no stranger to adopting cutting-edge technologies. According to reports, Melcoin, the company’s Tokyo-based blockchain subsidiary, will host BTC payments. While prices on Mercari are displayed in Japanese yen, users of the app can select BTC as a payment option.
Furthermore, Melcoin’s objective is to function as a mediator that simplifies the process of transferring BTC to the vendor in Japanese yen, while levying transaction fees that are on par with those imposed in transactions carried out using fiat currency.
By incorporating Bitcoin into its payment option, the company is poised to tap into the growing global trends toward cryptocurrency adoption. This move comes at a time when BTC and other cryptocurrencies are gaining mainstream acceptance, challenging traditional financial systems.
Mercari Recognizes the Potential Benefits of Accepting Bitcoin
The acceptance of Bitcoin payments by Mercari holds several potential benefits for both the company and its user base. Firstly, it opens up new avenues for international transactions, eliminating cross-border payment barriers and providing users with a seamless and borderless shopping experience. This aligns with the vision of a globalized digital economy, where traditional barriers are dismantled in favor of more inclusive and efficient financial systems.
By embracing Bitcoin, Mercari positioned itself as a pioneer in the e-commerce space and set a precedent for other industry players to follow suit. Therefore, this move could trigger a domino effect, prompting competitors to explore cryptocurrency integration to stay relevant in an ever-evolving market.
Japan Dives Deeper into Crypto and Web3.0
Back in July, Chairman Koichi Hagiuda of the Liberal Democratic Party’s Policy Research Council previously underlined Japan’s leading position in adopting the emerging technology known as Web 3.0. He has stressed the significance of providing early-stage support to startups involved in Web 3.0.
Furthermore, in an effort to cultivate a more conducive atmosphere for the blockchain industry, the Japan Blockchain Association (JBA) has urged the government to reconsider Japan’s cryptocurrency taxation system. They argue that the current framework is hindering the advancement of Web 3.0 enterprises within the country.