Following Amazon’s denial of crypto payment rumors, Xiaomi has stepped forward to take up the slack. The multinational Chinese corporation is introducing Bitcoin, Ethereum, and other cryptocurrency payments through its official retailer in Portugal.
Portuguese shoppers can now buy smartphones, vacuum cleaners, smartwatches, electric scooters, and other devices with Bitcoin, Ether, and other digital assets at Xiaomi’s official outlet in the country.
In a social media posting, the Portuguese outlet stated:
The electronic giant has teamed up with Swiss cryptocurrency payments provider Utrust, whose native token is already accepted by the company’s outlet in Portugal, to offer support for digital asset payments.
According to Pedro Maia, the head of marketing at Mi Store Portugal, Xiaomi -- which recently overtook Apple in the smartphone market -- is living up to its motto of providing “innovation for everyone” by integrating cryptocurrencies into its ecosystem:
Portugal’s lax implementation of tax policies towards cryptocurrencies and the lack of clarity about how the country taxes its residents dealing in digital assets makes it a great testing ground for companies like Xiaomi.
However, Xiaomi will never have the option of replicating such initiatives in its home country China, where authorities recently reiterated their hardline stance against private digital currencies. Nevertheless, the adoption of crypto-assets by a major brand is always a welcome development for the market. Not only does it boost the market cap of digital assets, but also helps the industry gain more credibility among institutional investors.