It seems that many countries are finding it difficult to compete with El Salvador when it comes to Bitcoin exposure. The new legislation of the South American country means that merchants are now accepting payments for almost anything in Bitcoin, you can read more about it here. However, long before El Salvador’s Bitcoin initiative, Japan was the leading country in the cryptocurrency industry – a country that many other crypto enthusiasts looked up to with envy. Now it is difficult to pay for everything with Bitcoin in the country, even in the capital.
It was once said by Roger Ver that Tokyo was “the most bitcoin-friendly city in the world”. This is the city he now lives in but quickly moved from BTC to Bitcoin Cash Camp BCH.
Years after he said it has become extremely difficult to pay for everything in Bitcoin in Japan; However, the Japanese hunger for bitcoin is showing no signs of declining.
Japan’s bitcoin revolution began in 2017 when over 260,000 Japanese businesses began accepting the coin as a means of payment for goods and services. The law that was passed to make this possible required that Bitcoin exchanges register with the Prime Minister and meet a number of other requirements that were put in place to ensure security.
Find out more about Bitcoin security in Japan here.
Initially, it was predicted that avid shoppers would take the opportunity to buy absolutely anything with BTC, but that craze has not stood the test and it is now more difficult than ever to buy anything with Bitcoin in Japan. However, it’s easier than ever to buy it!
In Japan, Bitcoin is available in prepaid card form in most of the country’s thousands of 24-hour convenience stores. In addition, companies across the country, including e-commerce giants and financial experts, have launched crypto exchanges that they have linked to their apps and financial platforms.
Despite its promising start, Bitcoin Pay hasn’t stood out in Japan and many have wondered why it does.
In this report from Sankei News it was stated that after the initial peak in 2017 when retail giants revealed plans to accept Bitcoin as a means of payment in stores worldwide, there had been no significant expansion of the Bitcoin rollout (aside from several online stores and privately owned). Restaurants.)
According to Takahide Kiuchi, a senior economist at the Nomura Research Institute, the country’s retailers found bitcoin too volatile to be used as a currency. It has been suggested that Japanese retailers instead turned their attention to developing plans to introduce digital currencies from central banks.
The 2018 Coincheck hack could also be responsible for the loss of bitcoin craze in the country. The hack stole 526 million XEM and was considered “the greatest theft in the history of the world”. – said Lon Wong, President of the NEM.io Foundation.
It is believed that the Bitcoin revolution in El Salvador may inspire Japan to accept Bitcoin Pay again.