First Japanese online bitcoin payment system launched

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Last week Japan launched its first online bitcoin payment solution, Bitcheck. The move by Bitcheck is expected to prompt other companies to come up with bitcoin solutions in the near future.

In a country that many consider to have had a hand in the crypto-currency’s inception – by ‘father’ of bitcoin Satoshi Nakamoto – bitcoin is emerging as a popular choice for people carrying out international transactions. Bitcheck has a variety of services that will make the use of Bitcoin much more convenient for the average shopper in Japan. The company has already created a wallet service, and expect that the popularity of online shopping in Japan will lead to the success of their new online venture.

Bitcheck charges as little as 1 per cent, making it one of the most preferred options for those who wish to send their money from one place to other. Also, as Japan is quite friendly to Bitcoin, this move is expected to encourage other companies to come up with Bitcoin solutions. In fact, rather than banning bitcoin as has been the case in other countries over recent weeks, the government has been supportive of innovation in the area.

But here have been calls to regulate Bitcoin since the collapse of Mt.Gox in February 2014, to the loss of 850,000 bitcoins, valued at around half a billion dollars at the time. While there have yet to be special measures to control bitcoin, as is the case in the UK a more widespread adoption of the crypto-currency could prompt further regulation.

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