Japan Railways Group, the biggest subway operator and railway manufacturer in the country, is planning to accept cryptocurrency payment from customers. The move may force millions of Japanese that rely heavily on the mode of transportation to use digital assets as payment.
Sucia Bank Partnership
The JR Group will be able to provide the option for cryptocurrency payment via a partnership with a bank that is also looking to test the waters in digital assets. Should JR Group accomplish its cryptocurrency payment option, commuters will use cryptocurrencies for their Suica payment cards, the prepaid e-money cards used for buying services and goods in the country.
The Financial Services Agency (FSA) of Japan licensed the use of Decurret, the virtual cryptocurrency for the Japan Railways Group. Japanese residents can trade their Bitcoin, Litecoin, XRP, and Bitcoin Cash for Decurret starting April 16, 2019. Decurret will also be exchangeable for Ether by June or July, with Japanese yen and bitcoin service as the base for the platform’s value. The use of an owned crypto coin like Decurret helps prevent JR Group from getting paid help from a third-party platform for transaction fees.
The potential of Decurret is another step towards cryptocurrency progress for Japan. The previous year’s bear market saw a significant drop in cryptocurrency value, yet Japan does not seem affected by it. Since the acceptance of bitcoin for legal transactions in 2017, the country’s retailers and business owners are more than ready to accept cryptocurrencies. Rakuten, Japan’s biggest e-commerce website, also plans to welcome digital exchanges following the FSA’s approval. Bic Camera, which is also accepting bitcoin, reported that more customers are willing to pay in cryptocurrencies during the bear market season of the past year.