Japan Tax Free, JPYC and UPBOND are preparing a system that will allow eligible travelers to receive their consumption tax refunds in JPYC, a stablecoin pegged to the Japanese yen. Scheduled to launch on November 1, 2026, the service will settle all transactions on the Avalanche C-Chain smart contract layer. Travelers will be able to use a compatible wallet or create one through UPBOND, while merchants will no longer need to handle their customers’ financial data directly. The system will support Japan’s transition to a refund-upon-departure model, with refunds issued within 90 days after customs verification. Its stated goals are to improve efficiency, reduce intermediary fees and strengthen anti-money laundering compliance through the traceability of blockchain transactions.
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