As bitcoin has been recognised as a legitimate currency in Japan, the steps towards legislating it also have encouraged retailers to integrate the payments methods within their current options, to further promote the use of cryptocurrencies, the likes of bitFlyer, a well-known exchange in the country is set to sell insurance policies to retailers who adopt the technology.
For the safety of the business, the insurance will effectively offer protection against payments which cannot be processed or have not been made correctly. This can occur due to a variety of reasons but the problem of double spending has still been a huge obstacle for practical im0plementations of cryptocurrencies. Not only do these transactions cost retailers losses as they stay unfulfilled, but also force many retailers to sacrifice speed for security waiting for transactions to confirm before they are carried out. However, the new service offered by Mitsui Sumitomo in partnership with bitFlyer, will protect companies from this and even slow transaction times allowing cryptocurrencies to be seamlessly integrated.
Coincheck is one of the services getting ready to roll out its very own insurance service to retailers. Already having the likes of Recruit Lifestyle on board with their bitcoin application being one of the first to be insured, it is predicted that the application will eferctvie4ly enable bitcoin transaction in a retail environment in over 260 000 stores throughout the country. Working with Tokio Marine and Nichido fire insurance, the company aims to offer insurance services to several companies in a variety of businesses.
To conclude, bitcoin has exploded after being effectively legalized in japan this year. With companies such as Bic already accepting the cryptocurrency in their stores, insurance services such as the ones being launched by bitFlyer will offer the safety for smaller business to also incorporate the coin among payment options. Insuring for sums of $ 8 million the products offered by the company will also cater for smaller business with insurance starting from as low as $80 000.