Retail Stores May Suspend Bitcoin Payments

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1Ever since the Japanese government started recognizing bitcoin as a legal method of payment, a large and growing number of retail stores and restaurants have started accepting the cryptocurrency. However, “some Japanese retailers and restaurants that accept bitcoin are considering halting transactions using the digital currency, which faces a potential split amid competing plans for its future,” according to Nikkei on Thursday.

Restaurant chain Heichinrou and leading electronics retail chain Bic Camera accept bitcoin payments through Bitflyer, Japan’s largest bitcoin exchange by volume. They are both planning to stop accepting bitcoin should Bitflyer shut down its services, the publication detailed.

In addition, Nikkei reported that e-commerce site Bitcoinmall, which accepts digital currencies, is also considering suspending bitcoin transactions for several days beginning on August 1. “We will rely instead on monacoin and other virtual currencies for a while,” said Bitchange, the company which operates the site. Monacoin is an altcoin that has gained popularity in Japan.