Ever since the inception of cryptocurrency in 2009 by Satoshi Nakamoto, who developed the first ever digital currency, bitcoin, and devised the very first blockchain database, the whole world has taken a new turn in terms of businesses affairs. Although the phenomenon of digital assets is still not understood by a large range of people, governments, and banks – but many renowned companies are starting to recognize its importance.
Japan, among various other first world countries, has always been a firm supporter of the digital economy and has a strong inclination towards technologists and innovation generally.
Last week on March 27, DeCurret, a year old cryptocurrency exchange from Japan, announced the introduction of a new payment system for the railway commuters of the country. The announcement unveiled onto the crypto mania by Kazuhiro Tokita, president, and the director of the exchange, during a business presentation in Tokyo.
The presentation was reported by the Cointelegraph Japan the same day.
According to the report, JR Group (Japan Railways Group), the country’s largest railway operator, is planning to establish a cryptocurrency payment facility for its commuters which will in result witness millions of individuals use digital currency as a mean for their transportation.
Once established, millions of commuters will be able to recharge their Suica payment card which is issued by the JR Group using digital cash. Although the report reveals that there are no tangible plans yet and the company is primarily intending for the implementation only at the moment.
It is worth noting that as of the end of March last year, the company issued about 70 million Suica cards. For this reason, many crypto experts are rooting for this move as it will ensure the massive adoption where millions of active clients of the railway group would use the cryptocurrencies for the payments and the services provided by the group.
According to the CoinTelegraph Japan, the exchange, DeCurret has been given permission by the country’s financial regulator FSA (Financial Services Agency) to operate in the country and is set to start trading from 16th of April.
The exchange plans to introduce Bitcoin, XRP, Litecoin and Bitcoin Cash at the time of launch and hinted about the inclusion of Ethereum by the early summer. Consequently, if JR Group goes forward with its plan of integrating the direct cashless payments system, the cryptocurrencies mentioned above will be the ones supported by it.
Image courtesy of Pixabay.
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