bitFlyer launches bitcoin acceptance at physical stores in Japan after cryptocurrency legalization

6 April 2017

bitflyerAs the legislation body of Japan has successfully passed the new law this week that legalizes bitcoin across the nation, Japanese largest bitcoin payment processor bitFlyer is striking a deal with the electronics retail chain over piloting the new point-of-sale system accepting bitcoins for purchases made in the retail locations.

Bic Camera specialized in selling such consumer electronics items as cameras, PCs and dishwashers is integrating the POS terminals of bitFlyer and will be ready to accept payments made with bitcoin up to ¥100,000, which is about $900.

The POS system powered by bitFlyer technology accepts bitcoins with further cashout the next day. At the moment of transaction bitcoins are automatically converted to yens and the shopping locations will be charged 1% service fee for processing. After claiming the cash the stores will get their banknotes in a day.

Earlier Coincheck made its own announcement about the introduction of bitcoin processing POS terminals in up to 260,000 physical locations across the country.

In February, Nikkei reported that the fundraising round for bitFlyer exchange evaluated at 1.75 million US dollars was joined by Mizuho Financial Group and Sumitomo Mitsui Financial Group, with Mitsubishi UFJ Financial Group being another of its shareholders.

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