Cryptocurrency, Featured

Japan Railways Group And Russian Railways Focus On Crypto Payments

The Japan Railways (JR) Group is the Japanese’s biggest railway and subway operator focusing on crypto payments. It will basically accept Bitcoin payments.

All-Nippon News Network (ANN) is the Japanese’s commercial television news network run by TV Asahi Corporation. According to ANN News, JR Group will make a partnership with a major bank in order to facilitate the payments.

Suica card is a national prepaid smart card built for different kinds of transports (metro, trains, buses, monorail) payments. The Japanese residents use the Suica card. The cryptocurrency payments integration into the Suica card will be carried out.

The operator is likely to create its own exchange or infrastructure with the aim of processing crypto payments. This exchange could be similar to Rakuten.

The Japanese’s largest electronics retailer Bic Camera has opened up about the increased bitcoin usage around the nation. The PR and IR Chief at Bic Camera Masanari Matsumoto said, “When Bic Camera first installed the Bitcoin payment system in its stores, we expected that the customers paying in Bitcoin would mostly be foreigners. We noticed that Bitcoin was becoming very popular. Then the government announced that Bitcoin was officially legal, so we finally felt more comfortable introducing Bitcoin as a method of payment in our stores. Bic Camera always aims at responding to its customers’ demands, and there was a huge demand at the time,” reported.

JR Group can generate more revenues through the cryptocurrency payments. Japanese regulators have a forward-thinking and open-minded approach towards blockchain technology and cryptocurrencies and thus Japan is the second largest cryptocurrency market. Japan is considered as the absolute market for transports as well, CCN reported.

Russian Railways is a Russian fully state-owned vertically integrated company focusing on blockchain applications and smart contracts along with crypto payments. It was stated that passengers would be kept anonymous in cryptocurrency payments as well as decentralized data storage. Both things will not only provide passengers anonymity but also travel plans anonymity, reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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