All eyes on Japan as they move very swiftly and efficiently into Bitcoin adoption by Government, Enterprises, Consumers and no doubt, Investors with regulation in place.
Japan’s Bitcoin Law went into effect on 1 April 2017. “The country’s legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument.”
Read Japan’s Financial Services Agency announcement and relevant documents regarding the law that went into effect on 1st April 2017 which put in place capital requirements for exchanges as well as cybersecurity and operational stipulations.
Bitcoin spikes after Japan says it’s a legal payment method. “Bitcoin trades up 2.8% at $1,133 a coin as of 7:08 a.m. ET on Monday. The cryptocurrency’s gains come after Japan announced on Friday that bitcoin would be accepted as a legal payment method beginning on April 1, 2017. Bitcoin has gained more than 19% so far in 2017. It has been the top-performing currency every year since 2010, except for 2014.”
Consumer adoption is vital to the success of Bitcoin as a payment system. News just out confirms that Major Japanese retailers to embrace bitcoin payments. “The two leading retail groups, Bic Camera and Recruit Lifestyle, have announced trials of a bitcoin payment option, according to Japanese daily Nikkei. Bic Camera, a consumer chain selling electronics, has partnered with the Tokyo-based bitcoin exchange bitFlyer. The retailer will test the digital currency in two outlets. Consumers will be able to pay up to 100,000 yen ($900) using bitcoin, getting reward points at the same rate as for cash payments. Recruit Lifestyle, the retail branch of human resources conglomerate Recruit Holdings, is cooperating with another Tokyo bitcoin exchange operator Coincheck to include bitcoin payment option into its AirRegi application. The step will enable over 260,000 outlets across the country to start accepting bitcoin. Coincheck will process payments made by consumers using the app, converting bitcoins into yen and transferring the funds to the store. Japan is poised to become one of the leading cryptocurrency markets. Nearly 4,500 Japanese stores are currently accepting bitcoin while over 700,000 outlets actively use other modes of digital payments.”
We are expecting more good news stories to come out of Japan and hopefully other countries who are going to take a serious look at what Japan is doing right for their country and it’s people in the new digital economy.
Read more: Bitcoin Adoption in Japan
Read more: Japan’s new Bitcoin Law
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