Japan has garnered a reputation of being among the most crypto friendly nations. Cryptocurrencies have penetrated deep into the economy of Japan and it was just a matter of time until Japan’s railways started accepting crypto as payment. The Japan Railways Group (JR), the largest railway operator of the country has announced its plans to make it easier for commuters to pay for rail tickets through a crypto card. This was reported by ANN News, a popular media house in Japan.
As per the plan, passengers can pay through cryptocurrency for their tickets using the Suica smartcard which is a card used by patrons for making payments including railway transactions. JR Group is also working with IIJ (Internet Initiative Japan) and DeCurret to improve its network and connectivity services. Working with DeCurret will make it more possible for the Suica card to accept payments in cryptocurrency given DeCurret’s recent licensed conversion into a crypto exchange.
If all of this went according to plan and JR Group combines cryptocurrency with the Suica card, then it will be the greatest coup in the field of cryptocurrency till date.
A collaboration with Mizuho, a respected banking institution in Japan, may also be in the pipeline. Currently, Mizuho is in the process of building a cryptocurrency while JR group is looking forward to incorporating bank-created cryptocurrency.
According to the report, JR Group also plans to lay down a new base for cryptocurrency so that it has its own payment process, like Rakuten. By doing this, they will be able to earn without any involvement of third parties as cryptocurrency payments will become their direct source of income.
This initiative will be a game-changer as most of the public in Japan is already familiar with the term cryptocurrency and therefore it would be a viable market for new ventures.
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