This story was published at: http://www.wsj.com/articles/rakuten-starts-accepting-bitcoin-1426555942
By: Takashi Mochizuki
TOKYO—Japanese e-commerce giant Rakuten Inc. has started accepting bitcoin for purchases in the U.S., adding momentum to the rapid growth of cryptocurrencies as a form of payment.
Customers using the company’s virtual shopping mall in the U.S. site can already buy items using the Internet-based currency, a Rakuten spokesperson in Japan said Tuesday.
Rakuten executives have previously said the company’s Germany and Austria units will allow payment by bitcoin starting in the second quarter of this year.
Many major U.S. companies have already embraced bitcoin, but Rakuten is one of the first major Japanese companies to accept the virtual currency for payment.
While many Japanese companies agree that bitcoin is a convenient payment method for both customers and merchants because it significantly reduces handling fees, most of them are reluctant to adopt it due to concerns over possible fraud and authorities’ unclear stance on the regulation of bitcoin.
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