China VS Japan: Bitcoin Payment Environment
Though China has surpassed Japan as the world’s second economy as early as 2010, Japan becomes way ahead of China in embracing Bitcoin, the most discussed cryptocurrency with a potential to redefine and renew the concept of currency, when Japan officially began to recognize Bitcoin as a prepaid payment method from April 1st.
Compared to Japan, Chinese Bitcoiners are still anxious about when they will be able to withdraw their Bitcoins in exchanges, as PBoC has required BTCC, OKcoin and Huobi suspend the withdrawal service until more detailed KYC/AML rules come out. The wish that China will also accept Bitcoin as a payment method becomes even more remote. Currently zero store in China publicly accept Bitcoin as a payment method.
Then since Japanese government has recognized Bitcoin as the payment method, are the companies and stores in Japan fully prepared to embrace Bitcoin payment? What is the real situation? A test called “to survive only on Bitcoin in Tokyo”, which has been done only days ago by Bitkan, a Chinese leading OTC platform, has given the answer.
Ruby Chen, Marketing Director of Bitkan and the challenger of survival test has told 8BTC:
“I have tried to use Bitcoin in many occasions. It is actually very hard if you only have Bitcoin especially if you just want to do small transactions like you want to exchange your bitcoin into Yen to take the metro. For sure, the infrastructure is yet to be fully prepared to make Bitcoin payment ubiquitously available. However, the atmosphere here is much better as we indeed managed to pay our meals by transferring Bitcoin from wallet of Bitkan’s app to the restaurants’ owner. The owners of those restaurants or stores accept Bitcoin for different reason. Some do it as their friends has introduced to them Bitcoin while others do it simply because there are customers wishing to Bitcoin. But anyway, as now Japanese government supports Bitcoin as payment method, Bitcoin will definitely become increasingly popular.”
Bitcoin accepted in a convenience store in Tokyo
Imagine how Bitcoin’s price will go up if China accepts Bitcoin as payment method, too. The Bitcoin survival test carried out by Bitkan shows that governments’ open attitude and the need from clients will boost the acceptance of Bitcoin in the commercial community. China has surpassed Japan in terms of GDP, hopefully it can do it too in terms of embracing cryptoworld.
Check the video for Bitkan’s Bitcoin Survival Test