Bitcoin will face a brief protocol disruption on August 1st, as the Japan Cryptocurrency Business Association decides to put a hold on all transactions related to exchange operators and service providers. Thirteen of the most influential exchange members in Japan (Bitbank Inc, Bitpoint Japan Co. Ltd, Quoine Co. Ltd, Fisco Cryptocurrency Exchange Inc, Coincheck Co. Ltd, Btc Box Co. Ltd, Tech Bureau Co. Ltd. (Zaif Exchange), GMO-Z.com Coin Co. Ltd, Campfire Corporation, Bit Trade Co. Ltd, Bitcrements Bitcoin Exchange, Tokyo Bitcoin Co. Ltd and Minnano Bitcoin) have come to an agreement about the suspension of Bitcoin deposits and withdrawals, but no regular services for other cryptocurrencies will be affected. The suspension isn’t going to last long, as the plan for re-accepting the currency should be updated and continued until August 4, 16:00 (JST).
Although the exchange doesn’t enjoy the support of Bitflyer, Japan’s largest Bitcoin operator, the interruption plan was successfully made and its announcement is expected during the course of the week. Due to the effects of forking, which is the main reason for the suspension, the date may even be pushed forward a couple of days. The official time has not yet been decided, as the association plans to act according to a new course of developments.
The acceptance of Bitcoin should continue right after the system update, which will restart the whole network. All deposits, withdrawals and other services should be continued as usual on August 4th. Japan has the strongest Bitcoin acceptance rate, and it represents the best place to buy with the currency. Although retailers still struggle with the currency’s recognition, it is definitely becoming the safest payment method, and over 260,000 different stores are there to prove it.