Japanese stores could suspend payments on August 1st

Japanese stores could suspend payments on August 1st

An estimated 5,000 stores located in Japan, which currently accept payments through Bitcoin, could suspend the receipt of the cryptocurrency in their stores on August 1 if the payment processor stops its services.

Since the Japanese government recognized bitcoin as a legal payment instrument, shops and restaurants that accept the cryptocurrency have increased significantly, being one of the countries with the largest number of businesses that accept the digital currency. However, as a result of the uncertainty that exists for the hard fork, many of these trades are seriously considering suspending operations with the cryptocurrency, at least during the hours in which the division is expected to take place.

Many of the shops and restaurants currently accept payments with the digital currency, either by Bitflyer or Coincheck, which offer payment services for shops.

On Wednesday, July 26, Bitflyer posted an announcement, stating that deposits, withdrawals and payment services with bitcoin could be suspended from July 31 at 10:00 p.m. in Japan until August 2.

Moreover, Coincheck reported: "On August 1, 2017, we could temporarily suspend deposits and withdrawals of bitcoin for the Coincheck stock exchange, as well as payment services to protect users' assets. The date of suspension is not yet specified. Also, if Bitcoin's hard fork will not take place on August 1, the suspension of services will not be made."

Apparently, the possible hard fork keeps the expectation to everyone, we will wait for more news to happen in the next few days around the digital currency.

  • Ing. Israel Pérez

    Ing. Israel Pérez

    Ing. en Sistemas Computacionales con especialidad en Tecnologías de la Información. Forma parte del equipo de Empowerment Systems, ITDA Corp y Bits Club.

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