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5000+ Japanese merchants unlikely to suspend bitcoin payments on August 1

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Currently, over 5,000 Japanese stores and restaurants use Coincheck Payment service to accept bitcoin payments. The bitcoin exchange previously announced that it would suspend this service on August 1. However, on Thursday, the company said it will no longer suspend this service, so merchants can keep accepting bitcoin payments, with a few restrictions.

Also read: Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1

Impact to Bitcoin Payment Service Minimized

Previously, Coincheck planned to suspend its merchant payment service along with bitcoin deposits and withdrawals on August 1, in anticipation of a hard fork which is expected to occur at 9:20 pm Japan time on that date. This would have affected over 5,000 stores and restaurants that currently use the company’s service to accept the digital currency. For example, when Coincheck halted its services on July 23, retailers also had to stop accepting bitcoin during that time. However, Coincheck announced on Thursday that:

Currently, Coincheck Payment is used by many users and we are concerned about the effect of suspension. As a result of reexamination, we decided to provide Bitcoin payment as usual.

While the service remains, deposits will require 30 confirmations. “It will take up to 5 hours to complete a deposit,” Coincheck wrote. Withdrawals will still be suspended on August 1.

Merchants Unlikely to Halt Service

It is up to each merchant to decide whether to keep accepting bitcoin...

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