Soon the Largest Railway in Japan Will Be Able to Accept Cryptocurrencies for Train Tickets

Last Modified:12 May 2020 16:20:40
Soon the Largest Railway in Japan Will Be Able to Accept Cryptocurrencies for Train Tickets

Japan Railway Group which is the largest system of managing and offering railway and subway services in Japan will soon make it possible to accept cryptocurrencies. This company intends to add Bitcoin payment to its payment options. This news is among the very encouraging news that makes the fans of cryptocurrencies all across the world happy. Accepting cryptocurrencies as a payment option from the Japan Railway Group will continue via the collaboration of this organization with one of the most important banks of Japan, and as such Bitcoin will take a giant leap toward being recognized.

Railway and Bitcoin

If Bitcoin and other cryptocurrencies are used in the payment system of Japan Railway, the first presence of cryptocurrencies in the world of retail will be seen in a widespread manner. Though news indicates that the Japan Railway Group and Subway intend to launch their own exclusive cryptocurrency. This idea will help this company financially as well as making the presence of cryptocurrencies more prominent in the world of retail and actual businesses. Given the amount of transaction fee that this company receives for cryptocurrency payments, a new good money source will be added to the income sources of this organization. The Japan Railway Group intend to collaborate with well-known banks and financial institutes to develop the use of Bitcoin.

Acceptance of Bitcoin in Japan

Japan is one of the best infrastructures for beginning to use cryptocurrencies in more tangible applications. For example, experts say that this very acceptance of cryptocurrencies as a way for paying transportation fees in this country will be met with enthusiasm. Why is that? The reason is that public awareness of cryptocurrencies in Japan is much more than other countries in the world. Japan has always been among the pioneers in accepting and using new technologies. The same story applies in the case of cryptocurrencies. The acceptance of Bitcoin and other cryptocurrencies and of course using them in fields such as transportation can yield great boom in any respective field.

In addition to the public awareness of cryptocurrencies in Japan, the government’s support is another reason for the development of these new cryptocurrencies in the market of Japan. Japanese shops that use cryptocurrencies such as Bitcoin as a means of payment have been met with enthusiasm from the people. At the beginning of using cryptocurrencies for payments, it was predicted that foreign tourists will use these more than the people of Japan, but this did not turn out to be true, and many Japanese people were open to the idea of paying for their shopping with cryptocurrencies. Among other main reasons for the success of cryptocurrencies in Japan is the support of organizations, investors, and large Japanese companies. The support of these companies plays an important role in the development of cryptocurrencies.