Cryptocurrency is now accepted as a electricity bills payment option in Japan

Cryptocurrency is now accepted as a electricity bills payment option in Japan

Japan has plenty of power utilities that are currently on the rise, but one startup that capitalizes on bitcoin seeks to topple the competition by bei

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Japan has plenty of power utilities that are currently on the rise, but one startup that capitalizes on bitcoin seeks to topple the competition by being one of the first to offer cryptocurrency as a payment option for their charges. In the process, they also guarantee discounts in electricity payments to their clients, pledging cuts that can range from 4 to 6%.

The company, based in Tokyo, is ResuPress Inc., which also runs Coincheck, a storage and bitcoin exchange service. By opting to make bitcoin available as a payment method, the company hopes to spur the usage of bitcoin primarily through rebates of the said cryptocurrency.

Bitcoin is fast-becoming a primary currency in countries world-wide, but it’s still rarely being used in Japan. This is a fact that ResuPress head Koichiro Wada is well-aware of, thus, his commitment to the said venture.

November is the planned month for the service’s launch. The firm’s bitcoin advocacy is all the more highlighted by the fact that it would be first in the whole country to allow clients to fully pay their electricity bills with cryptocurrency.

It also seeks to capitalize on the notion that utility initiatives are almost always more than welcome to the general public. With the discounts offered through this initiative, the firm hopes to motivate the public to start relying on bitcoin more in the future.

ResuPress would be working alongside Mitsuwa Sangyo Co., a Tokyo company that sells propane gas, to help in the power generation of Marubeni Power Retail Corp.

A total of two payment plans would be made available. One leans more towards helping first-time users of bitcoin get their feet wet by offering the 4 to 6% discounts said above; this hopes to help them know how cryptocurrency works and experience its perks.

The second plan, on the other hand, caters more to clients who have already been using bitcoin for a long time. Much of it primarily hinges on allowing them to pay their bills completely with bitcoin instead of yen.

Target regions where the service would be rolled out are Kansai, Kanto, and Chubu; it intends to target a limited amount of customers (a maximum of 10,000) in its initial year.

Companies who have been offering bitcoin exchange services are more than aware of the trepidation that most people feel about the use of cryptocurrency. Its vulnerability to hacking, as evidenced by the disaster that was the Mt. Gox incident, is part of why many people view it as unstable. This initiative hopes to restore confidence in bitcoing.

It would also be backed by a new law that was executed earlier this year, which seeks to regulate bitcoin exchanges more carefully with the help of the Financial Services Agency.

The said law makes it clear that cryptocurrency is an asset and is the same as money, regardless of what form it takes. People who usually rely on peer-to-peer network are well-aware of its benefits. After all, it allows them to transact directly using only their computers, and transfers almost always come at no cost.

It’s relatively easy for users to receive bitcoin as well as it only requires you to have a bitcoin wallet that also comes in the form of an app that you only need to install in your smartphone.

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