Japan is quickly becoming a hotbed of crypto activity and adoption, and subway users in Japan could soon be able to pay for their journeys using cryptocurrencies. The East Japan Railway Company has teamed up with the IIJ to explore how the pair can work together in integrating Bitcoin and several other top cryptos into the national public transport card. The Suica card is similar to the Oyster card in London and can be used to gain quick and easy access to rail services all over Japan. If the pair are successful, Japan could quickly become the most crypto-friendly nation on the planet.
J-Coin Integration is Possible
While Bitcoin will be the primary cryptocurrency that’s accepted as a top-up method, there is a good chance the J-Coin will make an appearance as well. Mizuho Financial Group (MFG) have teamed up with 60 other financial institutions in Japan to create and launch the J-coin – a stablecoin pegged to the Japanese Yen. As the J-Coin is a recognized stablecoin, there should be very little issue when it comes to integrating it with the Suica card.
Public Transport is Changing
Over in Argentina, the Sistema Único de Boleto Electrónico (SUBE) has decided to allow public transport users to top-up their travel cards using Bitcoin, bringing crypto public transport to more than 7 million commuters every day. There is a minimum top-up value of around 0.00037 BTC in place, and it’s already proving to be an incredibly popular way to travel around the country.
Japan Leading the Crypto Revolution
Whether it’s through the latest regulations or with its adoption plans, Japan is arguably the most crypto and blockchain forward country on the planet. Japan recently teased updates to its already popular crypto regulations in a bid to make the industry safer for investors while remaining easy for firms to become regulated. On top of that, Japan is slated to have crypto regulation at the top of its agenda for when it hosts the upcoming G20 Summit in June.
If Japan allows its rail network users to top up their transport cards using cryptos, other nations could be quick to follow suit. Millions of people use Japan’s rail network every day, and giving these commuters the power to use their hard-earned Bitcoin will help drive mass adoption throughout the country. All eyes are on The East Japan Railway Company and IIJ for the announcement that they have managed to achieve their goal.