Japan's largest railway company believes about the new Crypto payment system for transport cards

Kazuhiro Tokita, representative, board member and president of the Japanese cryptocurrency exchange DeCurret, unveiled a new cryptocurrency payment system during a business presentation in Tokyo on March 27. Cointelegraph Japan reported the same day about the presentation.

With the new system, the SUICA payment card of the East Japan Railway Company (JR East), the largest railway company in Japan, could be supplemented with cryptocurrency. However, the report indicates that there are no concrete plans with regard to the press, and that JR East is only considering implementation. Data released by the company show that from the end of March last year, nearly 70 million SUICA cards were issued.

According to the special website, SUICA is a prepaid e-money card that allows users to pay for some goods and services as well as for transport. As Cointelegraph recently reported, Decurret has received permission from the Japanese Financial Services Agency (FSA) since 28 March.

According to Cointelegraph Japan, trading starts on the stock exchange on April 16 and involves Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP). The addition of Ethereum (ETH) support is reportedly planned for June or July, and both yen and Bitcoin will be supported as base pairs.

In other Japanese news, e-commerce giant Rakuten will soon launch its own cryptocurrency-exchange, called Rakuten Wallet, after announcing it has received approval from the FSA on March 25.

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