Japanese e-commerce company Rakuten “may” accept Bitcoin

Japanese e-commerce giant Rakuten is considering accepting the virtual currency bitcoin as payment, company founder and CEO Hiroshi Mikitani said.

“We are considering it, we may accept it,” Mr. Mikitani said at Rakuten’s Tokyo funding conference, where panelists discussed digital currencies and alternatives to cash and credit cards. “We want to be open.”

Mr Mikitani declined to say when the company might decide, saying it was a trade secret.

Rakuten is one of the largest Japanese companies interested in bitcoin and other digital currencies. It has set up units to research digital currencies and has invested in bitcoin-related ventures in the United States, including San Francisco-based Bitnet Technologies.

In Japan, the number of bitcoin-related startups is growing, with the world's largest bitcoin exchange failing last year after Tokyo-based Mt. Gox collapsed. Startups include BitBank Inc and Resu Press Inc , which offer user platforms for retailers and individuals.

Bitcoin development in Japan has been supported by Prime Minister Shinzo Abe ’s Liberal Democratic Party, which last year helped establish the industry’s autonomous body , the Japan Authority of Digital Assets .

However, if bitcoin is to enter the mainstream, it will be important for consumer confidence if large companies - like Rakuten - use it, said economist (and former Japanese finance ministry official) Yukio Noguchi.

Meanwhile, many technology companies, such as Apple Inc and Line Corp , are building their own trading services to compete with bitcoin.