Crypto exchange DeCurret recently restructured its capital. It is worth mentioning that, DeCurret is promoting cryptocurrency as a form of payment for Japan’s transportation system.
Several days ago, the crypto exchange published a press release. It is worth mentioning that, the crypto exchange issued new shares worth 2.75 billion yen approximately $25 million, in a third-party allocation of shares. Moreover, the company wants to use the capital to strengthen transaction services for existing virtual currencies. Also, DeCurret plans to promote the expansion of digital currency as well as settlement services.
Crypto and public transport
Japan is famous for its excellent public transportation system. Moreover, high-speed rail is part of everyday life for many Japanese citizens. Thanks to world-famous trains, it is possible to cover hundreds of kilometers in a short period of time.
Crypto Exchange DeCurret is considering a new crypto payments system for the East Japan Railway Company (JR East). Importantly, the JR East is the main investor of DeCurret.
The company proposed a system that would enable the Suica payment card issued by the JR East to have the capability to accept cryptocurrency. It means that passengers can pay with crypto money. There are nearly 70 million cards in circulation, in the country of 126 million people as of March 2019.
As a reminder, new laws regarding the cryptocurrencies in Japan will come into effect since May 1. Thus, the crypto exchange DeCurret may face regulatory challenges. The Payments Services Act, as well as the Financial Instruments and Exchange Act, will come into effect in less than one month. Consequently, DeCurret and other exchanges have to adapt to the new requirements.
Nevertheless, the proposal to integrate cryptocurrencies with the Suica payment card shows that crypto has the potential to become part of everyday life for millions of people who use this card.