Bitcoin Now to Pay Public Utility Charges in Japan

The notorious virtual currency Bitcoin that once "vanished" two years ago when a broker went bankrupt is now fast reviving worldwide, and here in Japan it was adopted by a power distributor in Tokyo to accept paying public utility charges. It's the first time this net virtual currency is officially used to handle public utility payments and expected to expand further on.

The Bitcoin is a virtual currency circulating on the net, first developed by a group of volunteers around the world as a currency not belonging to any particular nation. Two years ago, a broker in Shibuya, Tokyo, went bankrupt and it appeared then the trend virtually died off.

Now, the coin seems to have attracted enough users to zoom its total circulation three-fold to 1 trillion in yen and now adopted by as many as 2500 stores in Japan.

A Tokyo gas company that ventured last April in electric power supplies is scheduled to accept power payments in the Bitcoin starting this November for the first time in Japan. This company plans to use the Bitcoin to process gas charge payments.

President Takenobu Obinata of Mitsuwa Sangyo Co. has this to say:

"As the population goes on decreasing, gas-supply business will likely slow down, so much so that we need to explore customers. We find the Bitcoin is remarkably high in utility and try to be the first to take advantage of it as a versatile payment method."

A Tokyo dentist Satoru Shintani says well-to-do patients from Southeast Asia pay for his services in the Bitcoin:

"Don't you think it's amazing that money goes from purse to another just like that? I'm sure this system is here to stay."

Personally, the Bitcoin seems a bit dubious in terms of security, but let us see how it will fare from now on. (Nathan Shiga)