By CGTN’s Steve Ross

Bitcoin's value has been surging in recent weeks in Japan. The cryptocurrency is now being accepted at some major electronics stores, and soon by one airline. Lawmakers in Tokyo have stepped in and are helping Japan to lead in this growing arena of financial technology. 

VCG Photo

E-Money purchases through stored-value cards are commonplace in Japan, but a sudden fever is taking hold for Bitcoin. A new legislation effective this year recognizes digital, virtual, and cryptocurrencies and regulates their dealers.

The craze is leading to a spike in Bitcoin's value and popularity. And business owners are saying that for customers, Bitcoin is speedy and convenient.

“We generate a QR code when the price is entered on the tablet computer, and customers read it with their cellphones and send us their Bitcoin as payment,” said Kenjiro Miyazaki, manager for a Tokyo brewpub.

The boom in Bitcoin's surge in value has been noticeable, with Miyazaki saying that “for several months now, Bitcoin value has been increasing. For buyers and sellers, it's recently been climbing. I think more and more people will use it.” 

Bitcoin automated teller machines (ATMs) are displayed at the BITPoint Japan Co. headquarters in Tokyo, Japan, on May 25, 2017. /VCG Photo

Despite the possible risks and complications of using Bitcoin, industry experts noted that the presence of Bitcoin vending machines would soon be on the rise in Japan. 

BITPoint Japan manages Bitcoin transactions through vending machines, online and retail locations, but the company's President Genki Oda said that one cannot use Bitcoin everywhere in Japan just yet.

“Around 4,000 vendors use Bitcoin settlement in Japan, but I think actual stores where you can pay by Bitcoin at the counter are about 100,” Oda said.

But with the expected surge in Bitcoin use, Oda admitted that trustworthy dealers are worth their weight in gold.

Genki Oda, President of BITPoint Japan Co., speaks during an interview in Tokyo, Japan, May 25, 2017.  /VCG Photo

“The Bitcoin blockchain has no problem, but it’s very important to take care in choosing the dealer with whom you deposit your money or Bitcoin,” Oda stressed.

But no matter how people judge this virtual currency – convenient, volatile or risky, users in Japan believe that Bitcoin is now unstoppable. 

“Bitcoin is technically, or fundamentally superior than fiat currency. And wait until you see your mom and your dad and your grandma using Bitcoin, just like they were to using Facebook!” Alex Miller, a Bitcoin user told CGTN.