LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Bitcoin has been popular in Japan for quite some time. A lot of Japanese companies are now paying salaries in Bitcoin. And now, as of January 2018, Yamada Denki, one of the biggest consumer electronics chains in Japan, announced that it is going to start accepting bitcoin payments at two of its largest stores in Tokyo.
While the payment method is still in trial, the option is going to go nationwide once everything is going smoothly with the trial. The company said:
“We will implement initiatives to improve bitcoin recognition and usage promotion. With the introduction of bitcoin payment service, we respond to the diverse needs of our customers both in Japan and overseas. We believe that we can provide improved service and convenience.”
In facts, the electronics company is offering this the new type of payment in cooperation with bitFlyer, which is Japan’s largest bitcoin exchange, based on trading volume, which is a huge step in bolstering the Bitcoin payment method in Japan.
Yamada Denki’s customers are mostly foreigners and the branches that are now opening the Bitcoin-payment system are: Yamada Denki Labi Shinjuku and Concept Labi Tokyo.
According to a press release from BTCManager:
“Over the opening weekend, Yamada Denki and bitFlyer ran a “commemorative event and campaign implementation,” including prizes, special prices and an offering of 500 yen (about $4.60) to the first 500 customers paying in virtual currency with a bitFlyer wallet at either store. Cryptocurrency payments will be capped at the equivalent of 300,000 yen (about $2,750). As of January 29, 2018, this amounts to about 0.247 BTC.”
Now, with Bitcoin regulations all over the world, Japan is constantly embracing Bitcoin in multiple ways. Companies and services around the country are now accepting the “people’s currency” as an official payment method.
BTCManager also reported that more than 4,500 stores have since begun to accept this type of payment. For example, in April 2017, the electronics retail chain Bic Camera started to take bitcoin on a two-store trial basis in Tokyo, then decided in the summer of 2017 to incorporate all of its stores. In August, Marui department stores based out of Tokyo also began to accept bitcoin at several locations, with a purchase cap of 100,000 yen (about $915).