Japan is moving rapidly with its cryptocurrency plan and in the latest development with an aim to enhance its adoption, East Japan Railway Company (JR East) will soon start to accept cryptocurrencies for its services.
JR East is the largest railway company in Japan and is actively working to enable commuters and tourist to pay for the services using a variety of cryptocurrency including the stablecoins. For the purpose, JR East has collaborated with cloud and internet service provider IIJ to allow commuters to pay for train tickets with cryptocurrencies at station shop and kiosks.
According to the plan, JR East will allow commuters to pay for their tickets using cryptocurrencies with the Suica smartcard. Further, JR East is working with DeCurrent and IIJ to manage connectivity and network services.
JR East has made investments in DeCurret, a cryptocurrency exchange dealer which recently got approved by Japanese FSA.
Managing Executive Officer of JR East, Shinobu Noguchi, said:
JR East’s Suica operates the same settlement business, and is in a position to invest in Dikalet, and is highly expected to develop its services to create a payment infrastructure based on transport infrastructure. We started by charging and using cash, which is a general-purpose payment method, but I think that it will change greatly as the current of “cashless” flows.”
DeCurrent mainly supports trade in BTC, ETH, BCH, LTC and XRP, and therefore its likely that Suica smartcards will support payments in these cryptocurrencies. In stablecoin, its likely to support J Coin, banking giant Mizuho Financial Group own digital token that is pegged to JPY in the ratio of 1:1.
Suica Cards are very popular in Japan and is accepted to over 580,000 convenience stores and has about 75 million in circulation.
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