Japans Biggest Railway Company To Accept Crypto Payments For Travel
Japan has been dubbed the new World Headquarter for everything Bitcoin (BTC) and they are setting the standard high when it comes to cryptocurrency adoption and taking full advantage of all its benefits.
At the end of March 2019, Japans Financial Services Agency (FSA) endorsed 11 different cryptocurrency exchanges, with the latest endorsement being Japans biggest railway and subway operator, the Japan Railways Group (JR Group).
JR Group are reportedly looking at adding cryptocurrency payment options for their users travelling on the transport system, which would see millions of Japanese use cryptos to pay for their transportation on a daily basis.
ANN News, a mainstream commercial network has reported that JR Group is looking at partnering with a major bank to establish the cryptocurrency payment options. There is also talk of a cryptocurrency exchange in the pipeline.
According to Cointelegraph Japan, the cryptocurrency exchange, DeCurret, has already been licensed and endorsed by Japans FSA, with hopes that it could start trading as early as April 16 with Bitcoin, Bitcoin Cash, Litecoin and XRP trading pairs.
With the new payment system in place travellers and users of the railway and subway system will top up their Suica payment cards, which are prepaid e-money cards that allow holders to pay for both goods and services in Japan, with cryptocurrencies.
Despite the bear market, which we have seen, this has not stopped Japan’s cryptocurrency scene from flourishing, with the country making Bitcoin a legal payment option method in April 2017.