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Cryptocurrencies

Japanese Retailer Yamada Denki Now Accepts Bitcoin Payments

 2 min read / 

One of the largest electronic retail chains in Japan has said it will now accept bitcoin payments at two of its stores with plans for a nationwide rollout.

Yamada will use the Japanese bitcoin exchange, Bitflyer, to enable bitcoin payments. The retail giant has said it will cap bitcoin payments at 30,000 yen ($2,670).

Yamada Denki is trialling the initiative at two of its Tokyo stores; in a press release the company said:

“In addition to diversifying means, 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.”

Founded in 2014, Bitflyer has already expanded to the United States in November and announced on Monday plans to begin operations in Europe. The sixth largest exchange in the world, Bitflyer confirmed it had received a license to operate as a payment institution by the European Union.

“Through collaboration with Yamaka Denki, we are contributing to improving the convenience of more customers in Japan and overseas,” a statement from Bitflyer said.

Already this week, the South Korea e-commerce platform Wemepu introduced bitcoin payments alongside eleven other cryptocurrencies, including ethereum and litecoin. In July 2017, the electronic retail chain Bic Camera rolled out bitcoin payments across its 41 Japanese stores following a very successful trial in April.

It is unknown whether Yamada Denki, which has its headquarters in the city of Takasaki, has plans to accept other cryptocurrencies at this time.

The South Korean Financial Services Commission announced last week rules that will only allow trading in cryptocurrencies from real-name bank accounts. The new restrictions are effective from today. This followed rumours that the South Korean government was mooting a possible ban on crypto-exchanges altogether.

Photo Credit: By Sakoppi (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons.

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