Japan to Receive Its First Interest-Paying Bitcoin Deposit Accounts

A little over a month after Japan declared the digital currency bitcoin (BTC) to be an officially recognized legal payment method, the Japanese bitcoin exchange Coincheck has announced the first interest-paying bitcoin deposit accounts for the Japanese market.

According to a report by the Nikkei Asian Review, the Tokyo-based digital currency exchange will start offering bitcoin fixed-term deposit accounts to its users. Coincheck Lending offers four possible plans, each with a different timeframe and interest rate.

Users will be able to deposit bitcoins for a period of 14 days to receive a 1 percent annual interest rate, a period of 30 days will generate 2 percent annual interest, 90 days will make users 3 percent, and for a one-year bitcoin deposit users will receive 5 percent interest.

That means that a user who, for example, wants to hold 10 BTC as a long-term investment and receive interest on his holdings can generate an interest income of 0.5 BTC, which equates to around $885 at today’s bitcoin exchange rate. All interest payments on the deposits are received at the end of the deposit term.

According to the Coincheck Lending page, bitcoin is currently the only deposit currency on offer, but

Read more ... source: Bitcoin Magazine

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