Japanese Electronics Retail Giant Launches Bitcoin Payments

Major Japanese consumer electronics retailer Yamada Denki has partnered with cryptocurrency exchange bitFlyer to add a bitcoin payments service in two of its stores.

Launched this weekend, according to a press release, one of the stores to receive the new service is based in Shinjuku, an area of Tokyo that attracts large numbers of foreign visitors. The other store is adjacent to Tokyo's main business district.

The company said:

"In addition to diversifying [our services], we will implement initiatives to improve bitcoin recognition and usage promotion."

With the launch of the bitcoin payment system, the company indicated it aims to respond to the diverse needs of its customers both in Japan and overseas. "We believe that we can provide improved service and convenience," it said.

Yamada Denki has set the settlement limit of bitcoins equivalent to 300,000 Japanese yen ($2,760) per account. Bitcoin is trading around $11,200 (1,218,016 JPY) at the time of writing, according to CoinDesk's Bitcoin Price Index.