Bitcoin Takes Another Big Step in Japanese Commerce

Posted Thu, 02/01/2018 - 14:40
By News

Bitcoin is one step closer to becoming part of everyday life in Japan now the nation's largest consumer electronics chain is accepting it as payment. 

Yamada Denki is partnering with the bitFlyer, Japan's largest cryptocurrency exchange by volume, in what it calls a trial run at two stores.

The stores are both located in Tokyo, one near the financial district and the other in a part of town that attracts a lot of tourists. 

The store set an initial limit on bitcoin transactions of 300,000 yen, about $2,760 at current exchange rates. 

Yamada Denki is Japan's second consumer electronics chain to accept bitcoin.

Bic Camera and bitFlyer teamed up to introduce bitcoin last April and it is now accepted in all of the chain's 40 stores.

Marui, a big department store chain, started accepting bitcoin at one of its outlets last August.

Bitcoin became legal tender in Japan last April and is no longer a rarity in stores.