Last year the Japanese retailer company Bic Camera started accepting cryptocurrency as a method of payment. Payments in Bitcoins accounted less than 1% of all purchases, but the number of buyers using it is growing. The use of Bitcoins is gradually becoming mainstream after the Japanese government recognized the cryptocurrency as a legal tender in April 2017. At the same time, Bic Camera began accepting Bitcoins as a payment. According to Masanari Matsumoto, PR and IR Director of Bic Camera, most young men under 30 years are using Bitcoins as a payment method.
“When Bic Camera first launched sales for Bitcoins, we expected that customers will be mostly foreigners. But it turned out quite differently. We noticed that Bitcoin is becoming very popular. After that the government announced that Bitcoin was officially legal, that’s why we finally felt more comfortable, introducing it as a means of payment in our stores, “Matsumoto explained.
Also, he noted that they mainly buy computer tablets, digital cameras, gadgets and alcohol mainly for the first crypto currency.
When Bic Camera in April 2017 began accepting BTC in the two largest stores in the center of Tokyo, there was an increase in demand. Later the project spread to all 40 stores of the company. Bic Camera is one of the largest electronics, cosmetics and duty-free shops in Japan. In 2017, the retailer’s profit was 790 billion yen ($ 7.2 billion).