Bitcoin consumption in Japan is further simplified. It is expected that as many as 260,000 stores will accept payment

Golden Finance News - Bitcoin is a virtual currency. Although it is invisible, Bitcoin can be used to buy things. Some companies in the United States even use it to pay employee salaries. Now the value of the currency is tending to compete with gold.

Japan plans to cancel Bitcoin consumption tax from July 1st Image source: Golden Finance

Bitcoin was created in 2009. It is the most widely used virtual currency among more than 700 virtual currencies. The price of Bitcoin has soared 3 times from its low point in early February this year to now, but the driving force behind it is not Europe and the United States, but Japan.

According to Japanese media reports, to make Bitcoin purchases in Japan, for example, to buy a product worth 10,000 yen, you only need to enter 10,000, read the QR code with the APP, and press the payment button to complete the payment.

Because the Japanese Financial System Commission amended the law and officially recognized the legalization of Bitcoin from April 1, you can now use Bitcoin to make purchases at well-known home appliance hypermarkets in Japan.

You can already use Bitcoin to pay at a famous Japanese electronics store. Image source: Golden Finance

Because the Japanese Financial System Commission amended the law and officially recognized the legalization of Bitcoin from April 1, you can now use Bitcoin to make purchases at well-known home appliance hypermarkets in Japan.

Japan plans to cancel the Bitcoin consumption tax from July 1. The latest daily Bitcoin trading volume showed that the Japanese yen accounted for 52%. The media said that more than half of the Bitcoin consumption transactions on that day were conducted in Japan, followed by the US dollar and the RMB.

Yuzo Kano, CEO of Bitcoin exchange bitFlyer, said: "With the revision of the regulations, we hope to use a fresh image to let customers experience the convenience of Bitcoin consumption."

After Japan amends the law, it is expected that the number of stores accepting Bitcoin payments will not only exceed 10,000, but may reach 260,000 stores. This will mainly target tourists from Europe and the United States, because among the more than 20 million Bitcoin users worldwide, Europe and the United States account for 13 million.

The local government of Aomori Prefecture also started raising funds online using Bitcoin at the end of last month. Image source: Golden Finance

The manager of the Yurakucho branch of the home appliance wholesale store said: "Some overseas tourists have already used this payment method. If Bitcoin can be used for payment in Japan, it will definitely make customers feel more convenient."

Although the maximum amount for shopping is only 100,000 yen, in addition to tax exemptions, foreigners can also enjoy cash consumption treatment, allowing them to consume even if they do not exchange their money into yen. However, people in Japan are not very receptive to Bitcoin consumption.

Japanese people: "Because there is no one around me who uses Bitcoin, it still feels a bit scary."

——For example, this once-largest Bitcoin online exchange in Tokyo, Japan, was hacked three years ago, causing a total of more than 40 billion yen in Bitcoin to disappear instantly, causing 120,000 victims, and the exchange filed for bankruptcy shortly afterwards. Because of this major bad record, the negative impression is deeply rooted in people's minds, and people are concerned about this.

Bitcoin expert Mai Fujimoto: "In fact, we can know from international news that exchanges are hacked every few months, so it is very important for Bitcoin users to learn other security practices and stay vigilant."

With the outbreak of this incident, Bitcoin remained silent in Japan for a while, until it revived in April this year.

The Tokyo Olympics international sports event will be held in Tokyo. Image source: Golden Finance

The clerk at the electronics store said: "There is a Bitcoin purchase detail at the bottom of the receipt. Please accept it, thank you."

Not only the hypermarket, but also this capsule hotel located in Tokyo has introduced the Bitcoin payment system since March, with the aim of attracting European and American tourists to stay.

Businesses that accept Bitcoin payments: "Once you download the software, you can start using it right away. It's easy for both merchants and customers to get started."

The local government of Aomori Prefecture also began raising funds online using Bitcoin at the end of last month, hoping that overseas people would lend a hand and raise the hundreds of millions of yen needed to renovate the cherry blossoms and historical buildings.

The manager of the Yurakucho branch of the home appliance wholesale store said: "Because there will be the Tokyo Olympics in 2020, it will be a great advantage to clean up the environment and introduce overseas payment methods intact to Japan."

As the international sporting event is about to be held in Tokyo, the circulation of this borderless digital currency in Japan is expected to increase.