Japan is set to for a massive explosion in Bitcoin acceptance. This is after a new law that authorizes the use of digital currency like Bitcoin came into force on April 1, 2017, the text of which was released by Japan’s Financial Services Agency on March 24, 2017. The way is now clear for Japanese merchants to start accepting Bitcoin at stores to make purchases.
Coincheck, a Bitcoin wallet and exchange provider based in Tokyo, Japan has teamed up with VeriTrans Co. Ltd and EconText in providing Bitcoin payment gateway services to Recruit Lifestyle Co. Ltd, a company owned by Recruit Holdings, the renowned Japanese Human Resources firm.
Coincheck revealed in a Press Release announcing the partnership that Bitcoin transaction volume in Japan has risen significantly from 2016 and in January 2017, the volume has surpassed ¥ 541.1 billion. This is 20 times higher compared to the same period last year.
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