More incredible news from South-East Asia today as Japanese retail giant Recruit Lifestyle announces it's point-of-sale app is ready to accept Bitcoin. It has been 3 months since it partnered with Japanese Bitcoin exchange Coincheck to enable over 260,000 retail stores in Japan to accept Bitcoin cryptocurrency.
This new POS app is called “Mobile Payment for Air Regi,” and will accept Bitcoin as a method of payment. I've reported in my recent post that Japan has ended the 8% consumption tax on Bitcoin from 1st July, 2017. These new developments are likely to push Bitcoin prices upwards in the coming weeks, as legalisation, tax cuts and greater public adoption of Bitcoin in Japan is likely to increase demand for the popular internet currency.
The initial roll out will begin with 334 Eyeglasses stores part of the retail brand, 'Megane Super' accepting Bitcoin as a payment method using the "Air Regi" app. European and American tourists travelling to Japan will find it easier to pay via Bitcoin at these retail outlets.
Recruit Lifestyle has begun accepting payments in Bitcoin cryptocurrency from 3rd July while the Eyeglasses chain Megane Super will start accepting Bitcoins from 10th July.
The pace of development and adoption for Bitcoins seen in Japan seems unprecedented. In comparison many countries seem to be lagging behind when it comes to drafting framework to legalize cryptocurrency investment, trade and use as legal method of payment in addition to the local FIAT currency.
Korean Exchange Bithumb Hacked
Bithumb which accounts for approximately 10% of the global bitcoin trade hosting over 13,000 bitcoins worth of trading volume. It has been hacked and billions of Won has been stolen.
Hackers have stolen personal information of around 31,800 Bithumb user accounts, even as the exchange claims it's only 3 percent of it's total user base. The breach was discovered on the 29th of June and reported to Korean authorities on the 30th of June, and investigations are currently underway.
Even as Korea drafts its bills to Legalise Bitcoin and Ethereum it's currently unclear if the exchange will be legally responsible for the stolen funds and theft of personal information stored on it's servers. Lack of regulations currently around cryptocurrencies in Korea seems to be complicating this situation.
Bithumb said they would pay up to 100,000 won per person, currently worth US$87, to members in a notice that reads in Korean. Once the amount is confirmed, additional compensation will be provided towards any further damages.
Do you use Bithumb or have you been affected by this hack?
Many Bitcoin exchanges globally and few major economies are pushng toward larger adoption of cryptocurrencies. While there are many benefits to this move, do you think we will need stricter security protocols as well as government frameworks to mitigate these scenarios?
You may also continue reading my recent posts which might interest you:
- Crypto Current Affairs—South Korea Drafting Bills to Legalise Bitcoin & Ethereum!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!
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