According to Nikkei, payments to be made in Bitcoin will be made through the company's blockchain subsidiary Mercoin. Mercoin will intermediate payments made in Bitcoin to sellers in yen.
In March last year, Mercari launched its own Bitcoin exchange, allowing users to buy and sell Bitcoin on the platform. The e-commerce platform is now looking to expand this service into the payments space, Nikkei reported. Mercari's move is seen as an important step for e-commerce, bringing traditional retailing together with digital asset management. However, there has been no official statement from Mercari yet.
Founded in 2013, Mercari announced a profit of 2.8 billion dollars in the third quarter of 2023. The company generated 44.27 billion yen in revenue in the same period, up 11% year-on-year.
Japan takes important steps for the crypto industry
Japan is preparing for a favorable tax overhaul for cryptocurrencies. As the Japanese government prepares for a more favorable tax overhaul for crypto-holding companies, Mercari's move comes at the same time as significant changes in the country.
The change in tax policy in Japan includes a proposal to only tax realized profits for companies that hold cryptocurrency on their balance sheets for more than a year. This important move by Mercari towards the use case of the largest cryptocurrency has been recognized as part of Japan's positive approach towards the crypto sector.