The largest railway and subway operator of Japan, The Japan Railways Group which is commonly known as the JR Group, has been reportedly looking to bring in crypto asset payment options for all of its users. This is a big move which could bring together millions of individuals of Japan to use crypto assets to pay for daily life situations such as transportation in this case.
According to mainstream commercial news network ANN News,
“The JR Group could establish cryptocurrency payment options through a partnership with a major bank, that could also see it launch a cryptocurrency company, believed to be an exchange.”
This new system will see the patrons of the JR Group to top up their Suica payment cards, prepaid e-money cards. These cards allow the users to pay for goods as well as services in Japan through crypto assets. According to the data released by the firm, as of march last year, 70 of these cards have been issued.
According to a news desk from Japan,
“The cryptocurrency exchange would be called Decurret, and has already been licensed by Japan’s Financial Services Agency (FSA) to operate in the country. It could start trading on April 16, with bitcoin, bitcoin cash, litecoin, and XRP trading pairs. Ether trading is said to be scheduled for July this year. Bitcoin and the yen [ the currency of Japan] will be used as the base currencies of the platform. The move could be seen as a way for the JR Group to avoid paying a third-source platform for transaction fees, and instead add a new income source to its portfolio.”
Despite the bear market last year, which crippled the value of the crypto sector by 85% of its value, the cryptocurrency status of Japan looks like the growth hasn’t stopped. Japan made bitcoin a legal form of payment in April 2017, and since then new retailers have been strongly welcoming crypto assets.
The largest online retailer of Japan, Rakuten has observed by most in the nation as a local version of Amazon, has welcomed crypto asset payments and is all set to launch its own cryptocurrency. Bic Camera, which is the largest electronics retailer of the nation, has been accepting bitcoin for nearly a year, and has seen an increase in bitcoin transactions during the bear market of last year.