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2017-07-25 09:18

In Japan starting August 1, 2017, as many as 5000 retail stores and restaurants may stop taking Bitcoin as a form of payment if the Bitcoin payment processors will halt their services.

Bitcoin payment processors plans

The payment processors through which the retailers or restaurants accept Bitcoin, bitFlyer and Coincheck have announced to stop their services suspending Bitcoin deposit and withdrawal temporarily. With bitFlyer stopping its payment services from July 31 to August 2.

Coincheck owing to protect users assets may temporarily suspend the services on August 1 which may take several hours to several days to resume. Coincheck is also partnering with Recruit Lifestyle, expanding its operations by accepting more than 260,000 additional stores across Japan.

Japanese companies likely to be affected

After the government of Japan recognised Bitcoin as a legal currency in the country, it has led to an increase in the number of retailers using the digital currency in its operations including restaurant chain like Heichinrou, eyeglass retail chain Meganesuper and Bic Camera, the retail electronics group.

Post-split

The move from the payment processors came after seeing the approaching developments in Bitcoin platforms including the possible split of the platform and the planned scaling for Segregated Witness (SegWit).

The temporary halt in Bitcoin payments though will hardly affect the operations of the retailers and restaurants as most of the transactions are carried out in cash or credit cards.

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