Japan Tax Free Plans JPY Coin (JPYC) Refunds for Tourists on Sunday, Nov. 1

Japan Tax Free plans to begin issuing yen-pegged JPY Coin (JPYC) refunds to foreign visitors on Sunday, Nov. 1, when Japan’s revised tax-free shopping system also takes effect.

The company is working with UPBOND, which will provide the wallet system. Refund payouts will move across Avalanche C-Chain. JPY Coin is pegged to the Japanese yen.

Under the revised process, visitors pay the tax-inclusive price when they buy goods. A customs check as they leave Japan must confirm that they are taking the goods out of the country, and the check must happen within 90 days of purchase. The refund follows customs confirmation.

Eligible shoppers generally receive the tax exemption when they buy goods under the current system. The revised process moves reimbursement to after the customs check at departure.

Japan’s Land, Infrastructure, Transport and Tourism Minister Tatsunori Ibayashi said the government would study stablecoins as a refund method during a tax-free shopping overhaul.