Japan is the largest Bitcoin market today in terms of trading volume. Japanese society and the Japanese government have accepted the new-age digital coin with open arms.
Now one of Japan’s largest used car dealerships has announced that it will accept Bitcoin as payment at its branches.
Listed as Idom Inc. at the Tokyo Stock Exchange, the chain will first start the service at its 24 dealerships, but its plan is to eventually accept the digital coin in 550 additional locations. The firm has partnered with Japan’s largest cryptocurrency exchange, Bitflyer, to integrate the payment system.
Idom will first introduce the service at the Liberala stores on 20th December. These stores specialize in high-end cars like Bentley, BMW, and Audi. All of the 24 stores will accept payment in Bitcoin of up to 100 million yen (~$888,000) per purchase.
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After the integration of Bitcoin in the 24 locations, Idom is planning to introduce the Bitcoin payment service at its subsidiary brand Gulliver, which has 550 stores across the country. Gulliver also has stores in New Zealand and the USA.
Growing global acceptance
Idom said in its announcement: “Experimentally, we will start to operate with Liberala, and then we are considering introducing it [bitcoin payments] to Gulliver stores, which [there] are approximately 550 stores nationwide.”
The group cited the growing popularity of Bitcoin, not only in Japan but worldwide, as the reason to start the Bitcoin acceptance service. The translated announcement reads: “Holders of virtual currencies and available stores in Japan are increasing in recent years. In addition to domestic as well as overseas, virtual currencies are becoming a major means of settlement. IDOM can make an early settlement with cheap remittance fee for the purpose of improving convenience for customers not only in Japan but also overseas.”
Idom is not the first used car dealership to accept Bitcoin within the country’s borders. Earlier this month, second-hand car dealership group L’operaio began accepting Bitcoin at three of its dealerships in Tokyo.
Also, some of the largest business groups in Japan are making an entry into the cryptocurrency business. In mid-2018, Japan’s largest internet group, GMO, announced its plan to enter the crypto economy with a Bitcoin mining business.