A new service allowing foreign visitors to receive tax refunds in JPYC will launch on 1 November. Refunds will be received using a wallet provided by UPBOND, with JPYC on the AVAX chain used for the transfers.
Nihon Menzai and UPBOND announced that they will launch a service on 1 November enabling foreign visitors to Japan to receive tax refunds in JPYC, a yen-denominated stablecoin. UPBOND will provide the receiving wallets. The service will link with tax-exemption and refund operations, and is scheduled to start on 1 November.
Under the refund method, travelers shop at prices inclusive of tax and receive a refund after customs verification on departure. The National Tax Agency says that legislation does not prescribe the method of repayment, but examples include bank transfers, credit-card payments, app-based transfers, and cash at the port of departure.
The transfers are planned to use Avalanche's C-Chain. Nihon Menzai said that UPBOND will handle the creation and authentication of receiving wallets, integration of transfers with the refund system, and confirmation of transfer status. Travelers can proceed with preparations even if they do not already have a wallet.
The JPYC received can be exchanged on-chain for foreign-currency stablecoins such as USDC. The timing of receipt, fees, and final amount received will be communicated under the service terms. At the time of the announcement in March, the launch date and chain had not been decided, but the latest announcement provided further details.