Japanese Government open’s floodgate for merchants to accept Digital Currency Bitcoin!
Japanese government approves it’s merchants to accept Digital Currency Bitcoin.
Japan being one of the top performing economic leaders in the world coupled with an economy that has experienced rapid growth well it’s not surprising that the country is one of the first new global adaptors that officially recognises and accepts the use of digital currency.
The new law that came into force on April 1, 2020 that authorizes the legal use of crypto-currencies as money is setting the scene for a huge increase of digital currency Bitcoin acceptance across the country. Furthermore, starting in July with the Japanese Governments formal decision to end the 8% consumption tax rate imposed on Bitcoin buying through digital exchanges will further increase the growth and development of merchant users.
Bitcoin has been well received by the Japanese community since the passing of the new law with an increase in usage and awareness.
Japan’s larger retail outlet Bic Camera has partnered with bitFlyer who is the largest Bitcoin exchange in Japan by capacity. The new partnership was heavily publicized across Japan’s media outlet that was reported by CEO of bitFlyer Yuzo Kano.
“ The news that big retail shop Bic Camera started accepting Bitcoin from April was reported on many TV programs, newspapers and websites and this news made many people interested in Bitcoin “ CEO Yuzo Kano
With the additional announcement by Coincheck another Japanese payment processor and exchange to include Bitcoin payment option into it’s AirRegi application this will enable up to 260,000 restaurants and other retail locations nationwide to accept Bitcoin.
Consumers will have the option to use their own devises (tablets or smartphone) at the retail outlet to pay for goods & services or bills from their personnel Bitcoin Wallet. Coincheck will automatically convert BTC to Yen and transfer the fiat funds to the business entity.
The Chinese e-commerces giant Alibaba’s Alipay payment application that is highly popular within the Chinese tourist community-visiting Japan is also compatible with AirRegi.
The acceptance of the digital currency Bitcoin within the Japanese community is gaining traction among merchants as there is already 4,500 Japanese outlets who are accepting Bitcoin.