Travelers in Japan Can Now Use Bitcoin to Book Flights With Peach Aviation
If you’re flying in Japan, you can now use bitcoin to pay for your plane tickets.
Bitcoin Takes to the Skies in Japan
On Monday morning, discount regional airline Peach Aviation announced that it would become the first Japanese airline to accept bitcoin as payment for flights. The airline embraced the technology in hopes of revitalizing tourism to Japan from other parts of Asia, according to Peach chief executive officer Shinichi Inoue.
Inoue said Peach’s bitcoin acceptance marked “a real first step” in obtaining new partnerships and achieving their goal of increasing tourist-related sales.
“We are aiming for more company and service tie-ups,” he said
The company told press that a recent change in Japanese law that officially approved bitcoin as a valid medium of exchange helped them integrate the currency.
In April, Japanese lawmakers amended the country’s Banking Act to recognize cryptocurrencies as legal tender. Essentially, this amendment added a legal recognition to bitcoin’s viability in the Japanese economy.
In addition to recognizing Bitcoin as legal tender, the bill placed heaver Know Your Customer requirements on exchanges. After the new requirements go into effect, exchange customers will have to provide personal information in order to legally trade cryptocurrency.
Peach Aviation to Benefit from Bitcoin Price Rally?
Peach’s decision to accept bitcoin is timely, as the digital currency has recently undergone a massive bull rally. This sharp increase in buy pressure across the globe has propelled the bitcoin price to US $2000 and beyond, establishing new all time highs and generating excitement in the mainstream media.
At press time, the bitcoin price stands at $2174 on Bitstamp, and $2215 on Coinbase.
According to technical analysis conducted here at Bitsonline, breaking the threshold of $2000 has triggered even more bullish indicators. Therefore, based on technical projections, we can expect the bitcoin price to rise even further, with an upper-bound objective of $2600.
With the increased interest in Bitcoin caused by its dramatic price rise, Peach could possibly see an influx of bitcoin payments once its acceptance is rolled out.
Peach told press that customers can start using bitcoin to pay for their flights by the end of 2017.
Will you use bitcoin to fly with Peach in Japan? Let us know in the comments below.
Images via Pixabay, Peach Aviation