13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1 – Bitcoin News (press release)

The Japan Cryptocurrency Business Association has officially announced its plan on how to deal withthe possibility of a Bitcoin protocol split on August 1. Thirteen of the groups bitcoin exchange members, including Coincheck, Gmo-Z, Bitbank, and Bitpoint, will suspend bitcoin deposits and withdrawals on August 1 at 00:00 Japan time.

Also read: Japans Cryptocurrency Business Association Plans for August 1 Guidelines

The Japan Cryptocurrency Business Association (JCBA), formerly known as the Virtual Currency Business Study Group, announced on Tuesday its official plan forAugust 1.

Thirteen bitcoin exchange members of the association have agreed on how to deal with the possibility of a Bitcoin protocol split, which is expected on August 1 at 9:00 am Japan time, the JCBA detailed.The occurrence of forking affects the transmission and receipt of bitcoins by all bitcoin users, and it is expected that all related virtual currency exchange operators and service providers will be seriously affected.

The exchanges have collectively declared:

We decided to temporarily stop accepting bitcoin deposits and withdrawals at each exchangeWe will stop only the services related to depositing and withdrawing bitcoins, but we will provide our other regular services for virtual currencies and legal currencies.

Currently, the following 13 bitcoin exchanges are members of the JCBA that have agreed to this plan.

Japans largest bitcoin exchange by volume, Bitflyer,isnot among the list of members of the association. According to a July 13 article by Nikkei, the exchange has not decided on a plan for the possible disruption, but is expected to come out with one this week.

The suspensions will commence on August 1, 2017, at 00:00 Japan time. However, the JCBA warns that in the event of the fork happening sooner than Aug 1, the suspension date/time may be advanced depending on the situation.

The official service restart date and time following the network disruption is still undecided, the association noted, adding that (loosely translated):

We plan to update the acceptance of bitcoins and the resumption of withdrawals by 16:00 August 4, 2017 (Japan time).

What do you think about the JCBAs plan to deal with the upcoming disruption? Let us know in the comments section below.

Images courtesy of Shutterstock and JCBA

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13 Japanese Exchanges Agree to Suspend Bitcoin Service on August 1 - Bitcoin News (press release)