How popular is Bitcoin in Japan? Bitflyer CEO tells you

Since the Japanese government began to recognize Bitcoin as a legal payment method, more and more Japanese people have begun to use this digital currency. In order to understand the development of Bitcoin in Japan, Bitcoin.com reporters interviewed Yuzo Kano, CEO of Japanese Bitcoin exchange Bitflyer.

Bitcoin Gains Acceptance in Japan

On April 1, Japan began recognizing Bitcoin as a form of payment (similar to prepaid cards and gift certificates). Since then, Bitcoin’s use and acceptance in Japan has been growing.

In April, two Bic Camera shopping malls began accepting Bitcoin. The Japanese consumer electronics giant partnered with Bitflyer to accept the digital currency. The news was widely reported in the mainstream media in Japan, with Kano telling reporters:

“The news that Bic Camera, a large retailer, started accepting Bitcoin was reported on many TV news, newspapers and websites, and this news made many people interested in Bitcoin.”

Japanese merchants' interest in bitcoin has surged, and many other retail stores are considering accepting the digital currency. "We expect some large retail stores and e-commerce sites to launch bitcoin payments this year," Kano said, "and more merchants will join in the following year."

Bitcoin is increasingly used by Japanese

Last week, national newspaper Yomiuri Shimbun reported that Bitcoin is gaining popularity in Japan.

For example, Ginza Numazu, a popular conveyor belt sushi restaurant in Tokyo, has seen a growth in bitcoin adoption. Two years ago, the restaurant received only a single-digit number of bitcoin payments per month, but in March this year, the number of orders paid with bitcoin reached 70.

The restaurant also has a bitcoin ATM, which charges an 11.9% transaction fee and has a daily limit of 100,000 yen, according to data from bitcoin ATM tracking website Coinatmradar.

The restaurant manager told the Yomiuri Shimbun:

“The number of Japanese customers using Bitcoin is greater than we expected.”

Kano echoed this statement, telling reporters:

“So far, we have heard that it is mainly Japanese users who use Bitcoin for payment, and there are not many foreign friends or tourists using Bitcoin,” Kano revealed. “Since April 1, our number of customers has been growing rapidly, and the number of users on the platform is currently about 600,000.”

No foreign exchange fees

Compared to converting foreign currencies into yen, users who use Bitcoin to make payments also enjoy the benefit of not having to pay foreign exchange fees. The Yomiuri Shimbun reported:

“When foreign visitors convert dollars or other currencies into Japanese yen, they are charged a transaction fee of about 3 percent. However, if they use Bitcoin, they don’t need to convert currencies and pay foreign exchange transaction fees.”

In addition, the Japanese government has announced that starting from July this year, the 8% consumption tax will no longer be levied on the purchase of Bitcoin in Japan.