Bitcoin rallies as Japan adapts cryptocurrency as legal tender

Two major retailers will soon accept bitcoin payments, and the virtual currency could be accepted at more than 260,000 shops by mid-year

Bitcoin rallies as Japan adapts cryptocurrency as legal tender
Bitcoin’s value rose last week after it gained legal currency status in Japan and major retailers rushed to accept the cryptocurrency.

The virtual currency began last week at about US$1,100 per bitcoin. By Friday, the value of each bitcoin rose to nearly US$1,200.

Electronics chain Bic Camera and retail support company Recruit Lifestyle are now exploring accepting bitcoin as payment, a report from the Nikkei Asian Review said.

Bic Camera has partnered with Tokyo-based bitFlyer, the operator of Japan’s largest bitcoin exchange, and on Friday began a trial run of the exchange’s payment system at its flagship store in Tokyo’s Yurakucho district and at a hybrid shop it operates with clothing giant Uniqlo in Shinjuku. Bic Camera has 45 locations in major metropolitan areas around Japan.

Recruit Lifestyle, which develops the point-of-sale app AirRegi, has partnered with Coincheck, another Tokyo-based bitcoin exchange. Recruit Lifestyle may roll out bitcoin payments to its 260,000 partner stores this summer, the Nikkei reported.

Bitcoin gaining legal tender status in Japan follows Australia’s and New Zealand’s investigation into the official use of the virtual currency. Last December, the Australian Accounting Standards Board (AASB) pushed for new standards for cryptocurrencies. Last November, a trans-Tasman task force was formed in New Zealand to tackle regulatory issues regarding the blockchain, the technology powering virtual currencies.

Law firms are also increasingly investigating opportunities from the rise of virtual currencies. Linklaters launched a program in December to teach lawyers coding and blockchain basics. US firm Steptoe & Johnson launched a full-fledged blockchain practice in August, hiring two veteran US government lawyers to run the group. 


Related stories:
Expert task force to tackle Trans-Tasman blockchain framework
Magic Circle outfit teaches lawyers coding, blockchain basics
Major firm launches full-fledged bitcoin practice

Recent articles & video

UK family lawyers launch mental health resource for divorce clients

Bankruptcy attorney Jamie Sprayregen departs Kirkland & Ellis for Hilco Global

DLA Piper bolsters US-Africa practice with Kalidou Gadio as new co-chair

Lander & Rogers launches workplace law elective at QUT

CE Family Law's Louise Hunter had an Erin Brockovich for a grandma

WFW picks up win at 2024 Australian ADR Awards

Most Read Articles

Two Australian lawyers ascend to partner in major HFW promotions round

ALRC releases anti-discrimination, religious educational institution law recommendations

G+T puts teams on M&A deals

Three additions enhance G+T's partnership