Peach Aviation Of Japan Confirms To Integrate Bitcoin In Its Payment Medium
Peach Aviation, the biggest low-cost airline in Japan has for long been striving with the implementation of a bitcoin payment system. Off late it has clarified its plan of accepting bitcoin as a medium of airline ticket booking. This decision came in response to the media reports which suggested that the company might just halt its plan of accepting virtual currencies in the aftermath of hacking of Coincheck – one of the biggest crypto exchanges in Japan. Digital currency worth USD$527 million i.e. 58 billion yen was stolen in the infamous hacking.
Peach Aviation has been servicing 13 international and 12 domestic routes as well as operating 90 daily flights for catering to the service needs of about 13000 passengers on a daily basis. Peach airlines announced to accept Bitcoins in collaboration with Bitpoint Japan in May 2017.
Peach is also planning to build, “collaborations with local administrative bodies and local companies,” for expanding its bitcoin payment services. Various initiatives are being planned jointly by Bitpoint and Peach such as introducing bitcoin mode of payments at restaurants, souvenir shops and accommodation facilities as well as installing of bitcoin ATMs at airports.
Peach Aviation also announced in May that, “both companies plan to start the service from the autumn of 2017 and will gradually implement various measures in accordance with various laws and regulations.”
According to Sankei’s reporting, Peach postponed the scheduled time to “start [accepting bitcoin] within the fiscal year,” ending on March 2018. The spokeswoman looking after the public relations of Peach told Nikkei Online that, “we are reviewing the timing of service start,” while confirming the postponement of the service.
“Fluctuation of the bitcoin market [which] has been intensifying since the end of 2017,” has been stated as the cause behind the postponement by the spokeswoman who also announced that the company would, “like to start the service [but is] waiting for the market to settle.” Reports of abandonment of the bitcoin payment plan has also been denied by Peach. The news outlet has quoted the Peach spokeswoman stating that, “I’m actually preparing the settlement system.” Following this incident, a statement was issued by Bitpoint Japan clarifying the situation wherein the exchange wrote that, “we will notify you as to the specific service start time and its contents as soon as it is finalized,” before adding that, “currently, we are working diligently to realize this service.”
Since Japan has leaglized Bitcoin as legal tender of money, demand for Bitcoins is increasing in Japan as well as other countries. As a result, due to global rise in demand, the price of bitcoins is increasing as compared to previous years. Kazuki Miyamoto and Yoshiyuki Suimon, two Nomura analysts have revealed that the meteoric rise in the value of Bitcoin could contribute by 0.3% to the GDP growth figure of Japan.This may be due to the “Wealth Effect”
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.