Starting November 1, Japan is changing tax-free shopping to a “tax refund upon departure” system. How will refunds work? Today, Minister of Land, Infrastructure, Transport and Tourism Ibayashi let slip in the Diet that the government is exploring using stablecoins to refund tourists’ consumption tax.
Under the new process, shoppers first pay the full price including tax. They’ll get the tax refunded after customs at the airport confirms that the goods are being taken out of the country. JPYC has already teamed up with Japan Tax Exemption to develop an on-chain tax refund model, and a tax-refund infrastructure startup called Ocean just raised $3.2 million in a Series A round—betting on the November 1 deadline.
Put simply, this is the first time a developed country has incorporated stablecoins into its official tax refund process. When refunds move from bank wires to on-chain transfers, compliant yen stablecoins get a use case at the national level. Tourist tax refunds are just the beginning; government payments are the bigger story.
#日本 #稳定币 $JPYC
Under the new process, shoppers first pay the full price including tax. They’ll get the tax refunded after customs at the airport confirms that the goods are being taken out of the country. JPYC has already teamed up with Japan Tax Exemption to develop an on-chain tax refund model, and a tax-refund infrastructure startup called Ocean just raised $3.2 million in a Series A round—betting on the November 1 deadline.
Put simply, this is the first time a developed country has incorporated stablecoins into its official tax refund process. When refunds move from bank wires to on-chain transfers, compliant yen stablecoins get a use case at the national level. Tourist tax refunds are just the beginning; government payments are the bigger story.
#日本 #稳定币 $JPYC