CryptocurrenciesXiaomi Store Starts Accepting Bitcoin and Other Crypto currencies as a Form of Payment

Xiaomi, the Chinese tech giant, is now set to receive payment from Bitcoin, Ethereum, Tether, and even Dash for the purchase of a smartphone, smartwatches, along with other smart home products and devices. Xiaomi has partnered up with Utrust, a Swiss cryptocurrency payment service provider, to support payment via digital assets in the region.

“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 favourite gadgets with what is currently the most technological money.” Pedro Maia, head of marketing at Mi Store Portugal.

According to data from global industry analysis firm Counterpoint, Xiaomi surpassed global smartphone giant Apple as the second-largest mobile phone manufacturer in the world in the second quarter of 2021. Mi Store Portugal is the only official retailer of Xiaomi’s certified products in Portugal, operating under the European legislation, the company’s website notes. The firm currently has six physical stores nationwide and is in the process of expansion.

Portugal has been steadily growing as a cryptocurrency-friendly country in recent years, with the local government charging zero taxes from retail crypto trading. Earlier this year, a local energy trading firm started accepting Bitcoin as payment for electricity bills.

This is in contrast to countries like China, which has emerged as one of the world’s biggest anti-crypto countries, renewing a nationwide crackdown on cryptocurrency mining and crypto trading earlier this year.

Currently, Bitcoin is flashing signs of buyer exhaustion near the $47,000 price tag as bull pressure begins to build up.

The crypto is currently changing hands for around $45,000 after reaching a 24-hour top of $46,767, CoinDesk data shows. However, the temporary stay in price might be short-lived as prices begin toying with major psychological resistance near $50,000.

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