Japan accepted Bitcoin as a legal form of payment earlier this year, and the country's Bitcoin trade now accounts for about half of global trade.
A year ago, China accounted for 90% of all bitcoin trading. But as Beijing banned ICOs and regulators began cracking down on Bitcoin exchanges in September, another Asian giant has broken into the cryptocurrency market.
Japan accepted Bitcoin as a legal form of payment earlier this year, and the country's Bitcoin trade now accounts for about half of global trade.
Major retailers in Japan are now starting to partner with Bitcoin exchanges and accept cryptocurrencies as payment for services.
Today in Japan There are already more than 4,500 stores that allow you to pay with Bitcoin, and it is predicted that this number could increase fivefold by the end of this year.
Mai Fujimoto, known as “Miss Bitcoin” in Japan, has become something of a “crypto evangelist”, blogging and covering all things happening in the world of cryptocurrency.
Bitcoin will not be widely used as a payment method any time soon, she says, as people still accept it as a way invest rather than as a real currency.
“A lot of people are just now buying Bitcoin for the first time, and they may need time to figure out how best to use it,” she told CNBC.
The rise of Bitcoin in Japan, however, has not been smooth sailing.
Three years ago, Japanese cryptocurrency exchange Mt. Gox filed for bankruptcy after hackers attacked their accounts. The country now has much stricter rules governing the bitcoin market.
Mike Verweist, a bar owner who deals with bitcoin payments every day, doesn't think the new rules are putting people off using the cryptocurrency. “I'm actually surprised. The Japanese generally stay away from innovation. In this case, I hope that Bitcoin will take root in this country.”
According to https://www.cnbc.com
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