Japan’s Largest Railway Company Innovates New Crypto Payment System for Transportation

The adoption of bitcoin technology is increasing gradually. This only means that people are beginning to believe in the secure, anonymous and the most reliable digital asset.

The representative director, Kazuhiro Tokita, who is a board member and the president at the Japanese cryptocurrency exchange DeCurret, has unveiled a new cryptocurrency payment system during a business presentation in Tokyo on March 27.

The new system unveiled would enable the Suica payment card issued by the East Japan Railway Company (JR East), Japan’s biggest railway company, to be topped-up with cryptocurrency. Still, the report points out that there are no concrete plans as of press time, and that JR East is only considering the implementation. The Data released by the company shows that as of the end of March last year, nearly 70 million Suica cards were issued.

According to the dedicated website for the project, Suica is a prepaid e-money card which allows its users to pay both for some goods and services, as well as transport. Decurret has been allowed to operate by the Japanese Financial Services Agency (FSA) since March 28.

The trading on the exchange will start on the 16th of April 2019 and will involve cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). The addition of Ethereum (ETH) support is said to be for June or July, and both yen and Bitcoin will be supported as base pairs.

What do you think about this move? Are we going to see more of this in the future?

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