Japan’s Largest Railway System Plans to Accept Cryptocurrencies as payments
Japan Railways Group, the largest railway and subway operator in Japan, is considering the integration of Crypto assets like Bitcoin as a payment option. Japan is the ideal market for a transport conglomerate to integrate Cryptocurrencies due to the large mainstream awareness of crypto. Japan remains the second largest cryptocurrency market, mostly in part due to the forward-thinking and open-minded approach of Japanese regulators towards Cryptocurrencies and Blockchain technology.
According to ANN News, a mainstream commercial television news network in Japan run by TV Asahi Corporation, JR Group is currently planning to establish a cryptocurrency company, possibly an exchange in partnership with a major bank, to integrate cryptocurrencies. If JR Group moves forward with its plans to integrate crypto into the Suica card, the national public transport card that is used by residents for various payments including subway transactions, it has the potential to become the biggest stimulus in retail and mainstream cryptocurrency adoption till date.
Based on the report of ANN News and the reported plans of JR Group to establish a new cryptocurrency venture, it is likely that the company would like to create its own exchange or infrastructure to process payments similar to Rakuten. By creating its own company, JR Group will be able to generate a new source of revenue in the form of transaction fees from cryptocurrency payments it processes.
There also exists a possibility that JR Group could consider the integration of bank-created cryptocurrencies and Mizuho, a leading financial institution in Japan.
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