Thirteen Japanese bitcoin exchanges together with over 5,000 retail stores and restaurants are likely to halt bitcoin transactions on August 1.
Strong demand for bitcoin continues to drive the price of the digital currency, which already reached more than $4,500 on the South Korean digital exchange.
More than half of the global trading volume occurs in Japan, which results in Bitcoin setting a new all-time high.
Starting today, Bic Camera and Recruit Lifestyle will cooperate with bitcoin exchanges to add cryptocurrency payment option.
Japanese banking giants are looking to invest in financial technology startups, as the government is promoting innovation in the competitive fintech market.
Japan authorities make a step as the country is the only one among the Group of Seven leading industrial economies that taxes bitcoin purchases.
Global tech companies have joined forces to launch the first Japanese blockchain industry organization with an aim of increasing public awareness of the technology.
Virtual currencies become recognized as asset-like values while all cryptocurrency exchanges need obligatory registration with the Financial Services Agency.
The Financial Services Agency will soon present its plan to recognize bitcoin as fulfilling the functions of currency while the problem of bitcoin taxation remains unsolved and hotly debated.
The Financial Services Agency is planning to register all exchanges and companies dealing with virtual currencies for better control.