Japanese Car Dealership to Accept Bitcoin

Although these might not be the best days for bitcoin when it comes to price increase, as the cryptocurrency has actually suffered a price drop, it seems that there are also some good news for the digital currency. One of the largest car dealerships in Japan will start accepting bitcoin payments.

So, Idom Inc., which is an automotive group in Japan that offers services of distribution and sale of used cars, has signed a partnership with Bitflyer, which is one of the largest cryptocurrency exchanges in the country. The aim of the partnership is to allow bitcoin payments at Idom dealerships across Japan.

Car dealership to expand number of locations accepting bitcoin

It is important to mention that the partnership will start with 26 dealerships, but the two companies plan on expanding it to include in the future 550 more locations. This means that Idom wants to largely integrate bitcoin payments around its business.

The announcement that Idom will start accepting bitcoin payments was initially made last week. At that time, the company said that one of its units, Liberala, will begin accepting bitcoin beginning with December 20.

This meant that bitcoins could be used to purchase used cars in about seven cities. However, the company announced that it will accept bitcoin payments only of up to 100 million yen, which is around $100,000.

Idom said that the reason why it started with the Liberala unit was actually linked to the fact that it wanted to see how this will evolve. The company said that it will then consider introducing bitcoin payments to its Gulliver brand, which has around 550 stores in Japan.

Idom is not the only used cars dealership to make such a decision regarding bitcoin payments. Sometime at the beginning of December, L'operaio, another car dealership in Tokyo, announced that it started accepting bitcoin payments at three venues.