Bitcoin will be accepted in 260,000 shops in Japan this summer

Big news for Japan regarding to Bitcoin! The cryptocurrency has long since passed its shadowy reputation for being the transaction standard for the internet’s darker corners.

After all the negotiations and debates, bitcoin legal position in Japan is becoming clear, and although still does not recognize bitcoin as a currency,  it has accepted that bitcoin and other cryptocurrencies have “asset-like values” that can be used “as payment”.  Just a few days after Bitcoin was officially accepted as a method of payment (on April 1), two major Japanese retailers have partnered with Japanese bitcoin exchanges to start accepting the digital currency for payments.

 These companies are Bic Camera, an important retail chain of consumer electronics in Japan. Many of their shops are located in front of a train station or are directly connected to one, making them very easily accessible with a lot of foot traffic. And the other one is Bitflyer, which is the largest bitcoin exchange by volume.

According to the Nikkei Asian Review, Japanese consumer electronics retail chain Bic Camera is going to try out a payment system using Bitcoin in two of its stores in Tokyo. To do this, it will use the payment’s system of Bitflyer.

The first location is the flagship store of Bic Camera in the Yurakucho district of Tokyo, and the other is Bicqlo Bic Camera which is the hybrid outlet with Uniqlo located in Shinjuku.

The announcement in detail is presented as follows:  “Customers can pay up to 100,000 yen ($ 904) using the cryptocurrency and they will also earn reward points at the same rate as cash payments.”

 Bic Camera is not the only Japanese company to adopt cryptocurrency. At the same time, Recruit Holdings’ retail support arm Recruit Lifestyle plans to work with Coincheck bitcoin exchange to implement a similar system.

So by this summer (June-August 2017), Bitcoin in Japan will become a payment option in stores that use the Recruit Lifestyle point-of-sale (POS) application called Airregi.

While Nikkei reports that about 4,500 stores in Japan already accept Bitcoin Coincheck revealed that more than 5,000 merchants and websites accepted Bitcoin through the company. This partnership with Recruit Lifestyle will add more stores that accept Bitcoins, according to Coincheck. “Bitcoin will be accepted at 260,000 shops by this summer,” the company stated.

Comments are closed.