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Thousands of Japanese Retailers, Restaurants May Stop Accepting Bitcoin

More than 5,000 retail stores and restaurants in Japan may stop accepting Bitcoin as a form of payment starting Aug. 1, 2017. This possibility could push through if Bitcoin payment processors will halt their services.

Bitcoin payment processors plans

The retailers and restaurants accept Bitcoin through payment processors bitFlyer and Coincheck. The latter is also partnering with Recruit Lifestyle in order to expand its operation and accept more than 260,000 additional stores across Japan as clients.

BitFlyer, however, has announced that it could stop Bitcoin deposits and withdrawals, along with its payment services from July 31 to Aug. 2. Coincheck has separately announced that it will temporarily halt Bitcoin deposit and withdrawal starting Aug. 1.

 

 

 

Japanese companies likely to be affected

The move by the government of Japan to recognize the cryptocurrency Bitcoin as a legal tender in the country has led to the increase in the number of stores and retailers which use it in their operations.

Among them are restaurant chain Heichinrou, eyeglass retail chain Meganesuper and the electronics retail group Bic Camera.

Post-split

The plans by the payment processors and the various Japanese establishments were triggered by impending developments in Bitcoin platform. These include the planned scaling for Segregated Witness (SegWit) and the possible split of the platform.

The plans to temporarily halt Bitcoin payments, however, are expected to have limited effects on the operations of the retailers and restaurants as their businesses are mainly transacted in cash or credit cards.

Source: Cointelegraph.

  • July 22, 2017 4:31 PM MSK
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