For sure you’ve heard about the approval of Bitcoin ETFs - but have you heard the latest in Bitcoin Commerce?
Japanese e-commerce giant Mercari announces plans to accept bitcoin this year
The Honduran city of Prospera moves to make bitcoin a unit of account
How Lightning Flash is looking to reinvent money in the Caribbean using the Bitcoin Lightning Network
The IRS publishes guidance designed to temporarily roll back a potential crypto tax headache for businesses this year
El Salvador has a new growing circular bitcoin economy in the small town of Berlin
Looking for a laugh? Check out our Bitcoin meme of the week at the back of the Roundup! 😁
Find it all below, and thanks from the Velas Team!
Mercari announces bitcoin payments in Japan
Japanese e-commerce giant, Mercari, is set to usher in a potentially significant year for Bitcoin payments. Starting in June, users will be able to buy products listed on its flea market app using Bitcoin.
This move aims to capitalize on the country's growing interest in cryptocurrency. Transactions will be facilitated through Mercari's Tokyo-based crypto exchange subsidiary, Melcoin. Prices will be displayed in Japanese yen with an option to pay in Bitcoin.
Mercari will accept the BTC and vendors will receive Yen, by converting to local fiat currency in real-time.
With 22 million monthly users, Mercari's adoption of Bitcoin will encourage further Bitcoin acceptance in tech-savvy Japan and the announcement is a great start to 2024.
Lots more info here:
https://cointelegraph.com/news/japanese-e-commerce-giant-mercari-allow-bitcoin-payments-june
Honduran City of Prospera makes bitcoin a unit of account
Próspera is further embracing Bitcoin as a means of providing its residents with more financial freedoms. Starting from January 5, this Honduran city has approved the use of Bitcoin as a unit of account, allowing for pricing and tax calculations in BTC.
While Bitcoin has held legal tender status in Próspera since 2022, tax payments in BTC are currently paused due to external regulatory and technical challenges. Tax declarations will be made in Bitcoin but reported to authorities in U.S. dollars or Honduran lempiras.
This move sets the stage for the potential development of another thriving Bitcoin circular economy within Próspera and Honduras.
https://news.bitcoin.com/honduran-city-of-prospera-adopts-bitcoin-as-unit-of-account/
Lightning Flash looks to reinvent Caribbean Money using the Bitcoin Lightning Network
Flash aims to modernize the Caribbean's financial systems, where many businesses and people use cash due to distrust in local currencies and banks.
Flash offers a custodial Lightning wallet that displays money in US dollars but operates on bitcoin and Lightning tech underneath, enabling nearly fee-free transactions.
The goal is to ease people into bitcoin, which tends to increase in value, and shift them to a non-custodial Lightning wallet gradually, like an introduction to bitcoin through US dollars. Flash also makes it easy for users to connect with businesses and share thoughts.
Flash is looking towards a new wave of financial innovation in the Caribbean, and it might just be the first of many groundbreaking apps that use the Lightning Network under the hood.
Check out this excellent article by Breez for all the info:
IRS provides temporary relief for a potential tax headache
The IRS has decided not to enforce the new law requiring U.S. businesses to report cryptocurrency transactions above $10,000 until they release a regulatory framework, providing a temporary relief for Bitcoin-focused businesses.
The move comes after the poorly received legislation was criticized for lacking guidance, with many finding it difficult to comply with the reporting requirements.
While digital asset reporting regulations are expected in the future, the delay offers a respite and a chance for public input on shaping these regulations, viewed as a positive step by the digital asset community and lawmakers.
Ah taxes. It’s that time of year again for us too. Here’s lots more info to get you up to speed:
https://cointelegraph.com/news/irs-crypto-tax-rules-transactions-over-10k-exempt
Berlin, El Salvador, Ignites a Bitcoin Circular Economy
In a small El Salvadoran mountain town named Berlin, the adoption of Bitcoin as a legal tender has ignited a movement, with over 100 local merchants now taking bitcoin payments.
Gerardo Linares and Evelyn Lemus, originally digital nomads in El Salvador, were inspired to promote Bitcoin after the country designated it as legal tender in June 2021.
They embarked on a journey, educating locals in 21 towns about Bitcoin, eventually settling in Berlin to create a circular Bitcoin economy.
The allure of Bitcoin for tourists is hoped to put Berlin among the fast-growing Bitcoin communities and a potential global tourist destination.
It’s another example of how Bitcoin circular economies, in both digital and physical realms, are emerging as a vital growth sector for Bitcoin commerce.
Find lots more in the Bitcoin Magazine article here:
And our Bitcoin Commerce meme of the week.............🥁🥁🥁🥁🥁🥁
🏗️ We’re in the running!
Velas Commerce is part of the 2024 Top Builder competition! We're building “Bitcoin Mastermind” - an effortless WordPress plugin to drive user engagement with easy bitcoin rewards. Check out our progress here.
🧭 Navigate Bitcoin’s Lightning Network in a New High Fee Era
The recent spike in Bitcoin prices and network traffic have made a unique combination of headaches and opportunities. It’s also generated a lot of thinking on the future of scaling Bitcoin. Check out our deep dive here.
⚡Tapping into Taproot Assets
Lightning Labs is working on a series of short demo videos walking through using the Taproot Assets Daemon, tapd, from install to mint to transfer to burn! Find the playlist on YouTube here.