Japan's MLIT: Researching Use of Stablecoins for Consumption Tax Refunds for Inbound Visitors

According to CoinPost, on October 21, Japan's Minister of Land, Infrastructure, Transport and Tourism, Tatsunori Kibayashi, stated in a policy declaration at the House of Representatives Committee on Land, Infrastructure, Transport and Tourism that he would explore introducing stablecoins into the consumption tax exemption system for foreign tourists visiting Japan. He referenced the "refund method," which issues tax refunds upon confirmation of outbound travel, and stated that initiatives would be advanced from the user's perspective. According to the Japan Tourism Agency, Japan's tax-free system will shift to the refund method for purchases made on or after November 1. Under the new system, tourists pay tax-inclusive prices at checkout. Upon departure within 90 days of purchase, they will receive the consumption tax refund following customs export verification, with the refunds processed by the retailer or an authorized refund agency.