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Author Topic: [2017-10-31] Bitcoin Expanding in Japan  (Read 3007 times)
aysha9872
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October 31, 2017, 03:28:22 PM
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Bitcoin has been attracting lots of attention in Japan. But the number of people who use the crypto-currency, and businesses that accept it, are still limited. Some companies are looking to change that.

Online gourmet guide Gurunavi is rolling out a payment system for 10 restaurants in Tokyo this week. The company is going to watch how customers and businesses respond to the service. And it's got plans to expand the system nationwide next spring.

"Foreign tourists are accustomed to using the digital currency. We think more of them try to use bitcoin in Japan. We'd like them to be able to do this when they dine out," says a company official.

Another online-information provider, Recruit Lifestyle, began offering bitcoin-payment systems in July. Its clients include a leading eyewear chain. Company officials say a growing number of independent restaurants is also signing up.

Japan introduced regulations to protect crypto-currency users in April. The use of Bitcoin has since started to spread.

Three major Japanese banks are considering a foray into the expanding field of crypto-currencies by working together to develop their own.

Sources close to the matter say Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho will set up a joint council by the end of the year to discuss ways they can cooperate. They're planning to call on regional banks and other financial institutions to join the project. The 3 banks envision a digital currency equivalent in value to the Japanese yen that will make life more convenient for customers.

They plan to look at ways to combine bank accounts for cash and digital currency so account holders can use the crypto-currency like cash. The financial groups have been working on their own digital currencies, so it remains to be seen if they can agree on a unified standard. Global competition to develop digital currencies is intensifying as major IT firms enter the market.
SOURCE: https://www3.nhk.or.jp/nhkworld/en/news/editors/2/bitcoinexpandinginjapan/
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November 01, 2017, 12:14:28 AM
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The Japanese are great. Do not stand still, constantly create something new. The idea of ​​creating bank accounts that would unite both ordinary non-cash money and digital currency is very relevant and useful. In addition, Japan has very good activity of banks, aimed at cooperation with the crypto currency and its practical use in everyday life of citizens.

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November 01, 2017, 01:41:21 AM
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I don't think that the article is correct, bitcoin has already been adopted in Japan and has been expanding eversince, what are you still expecting then? The problem is with the tourist, they don't know what bitcoin is so of course they will used their credit cards to pay and buy things in Japan. There are literally thousands of stores already accepting bitcoin as payment, there is no need for "expanding" it there.

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November 01, 2017, 01:28:31 PM
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There are literally thousands of stores already accepting bitcoin as payment, there is no need for "expanding" it there.

Ok, so in your words, if there is a country having already like thousands of merchants accepting Bitcoin, that there is no need to spread Bitcoin's adoption further out to possibly an extra hundreds of thousands of more merchants? There is not much logic in your way of thinking. Going from one merchant to two merchants is expanding. Going from thousands of merchants to hundreds of thousands of merchants, is again expanding. You act like it's not worthwhile to allow Bitcoin to (yes, again) expand in a constantly evolving country in crypto terms.

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November 01, 2017, 05:16:40 PM
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I don't think that the article is correct, bitcoin has already been adopted in Japan and has been expanding eversince, what are you still expecting then? The problem is with the tourist, they don't know what bitcoin is so of course they will used their credit cards to pay and buy things in Japan. There are literally thousands of stores already accepting bitcoin as payment, there is no need for "expanding" it there.

Bitcoin is now popular in Japan but this is just the tip of the iceberg as its potential has not yet been fully utilized. There are already many merchants accepting Bitcoin for their goods and services but we have to compare it to what the traditional way of doing business the business volume is very pale. This is the reason why some are saying that there is a need to expand not just with merchants but also with the consumers or customers that will be using their Bitcoin as the medium of exchange or currency. Obviously, there is a need for more Bitcoin patronage because it would not make sense to be accepting Bitcoin and yet sales using it is anemic. I am sure soon we can see an exploding Bitcoin in Japan as Japanese are known to be good in business and they know how to handle many challenges thrown their way.
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November 01, 2017, 05:38:31 PM
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The Japanese are great. Do not stand still, constantly create something new. The idea of ​​creating bank accounts that would unite both ordinary non-cash money and digital currency is very relevant and useful. In addition, Japan has very good activity of banks, aimed at cooperation with the crypto currency and its practical use in everyday life of citizens.
This Association accounts will not be accepted by the entire community. I doubt that every user wants to honestly pay taxes. The more I that I think this tax will not be small. After the users are identified it will be difficult to change something. That is why I am against any attempts to legalize bitcoin. Even if it does not carry open threats.
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