Economy

Japanese Electronics Retailer Bic Camera to Accept Bitcoin (News)

Japanese Electronics Retailer Bic Camera to Accept Bitcoin (News)

Consumer electronics retailer Bic Camera Inc. said Wednesday it will start accepting payments in virtual currency bitcoin at its flagship outlets in Tokyo to draw more foreign shoppers by offering diverse payment options.

Bic Camera will accept a bitcoin payment of up to ¥100,000 per transaction.

The AirRegi app is already in use at roughly 260,000 restaurants and retail outlets throughout Japan, and that could help to ensure that more than a quarter-million Japanese stores have the ability to accept Japan within a few months. Today's report revealed that two of Japan's largest retailer groups are ready to begin accepting Bitcoin, and have partnered with Bitcoin exchanges to facilitate the process.

Recruit Lifestyle, the retail branch of human resources conglomerate Recruit Holdings, is cooperating with another Tokyo bitcoin exchange operator Coincheck to include bitcoin payment option into its AirRegi application. But now, the addition of 260,000 merchants accepting Bitcoin through AirRegi makes cryptocurrency payment option nearly as prevalent as Suica and Rakuten's Edy electronic payments which are currently accepted at 380,000 and 470,000 locations respectively. Eventually, one can hope for a similar trend to catch up with other countries, making Bitcoin the leading digital currency in the world. Businesses interested in introducing the new payment option can choose to install the bitcoin payment system alone. $900) with bitcoin. As an incentive, customers will also gain the same reward points that they would for cash payments. The new law still does not recognize bitcoin as a currency, but it has accepted that cryptocurrencies have "asset-like values" that can be used "as payment to indefinite parties for the cost of purchase or rent of items or receipt of services and which can be transferred by means of electronic data processing systems".

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