Xiaomi Enables Bitcoin and Other Cryptocurrency Payments in Portugal

Divya  |  Aug 6, 2021

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.

Xiaomi to Accept Cryptocurrency Payments 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:

“From now on, shopping at Mi Store Portugal is more inclusive and comprehensive because you’ll be able to buy your favorite gadgets using your election cryptocurrency or the most favorable one like Bitcoin, Ethereum, Tether, Dash, or Token Utrust. Amazing isn’t it?”

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: 

“We are a technological, innovative, and disruptive brand. That's why we always want to be one step ahead. We want to give the possibility to all true technology fans to buy their favorite gadgets with what is currently ‘the most technological money’.”

Portugal’s Crypto-Friendly Tax Regime Aids Xiaomi’s Experiment

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. 

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