Japanese cryptocurrency exchange DeCurret has issued shares worth $2.75B in a third-part allocation to promote crypto usage as a payment and settlement service
Japanese cryptocurrency exchange DeCurret has allocated fresh capital in the form of shares to expand the use of digital currencies and settlement services. According to a recent press release, the exchange has new shares worth $2.75 billion Yen for this purpose. DeCurret is originally known to promote digital currencies to be used as a payment method for public transportation services in Japan.
Public Transportation Unaffected in Japan Despite COVID Fears
Last week, Japan declared a state of emergency in a quest to stop the spread of the novel coronavirus. The number of trains and buses operating in the country have been suspended. However, many stations across the country were still jampacked on the first day of lockdown – which essentially means that public transportation in the country has remained largely unaffected even as the global pandemic continues to pose threat.
Crypto Payments for Transportation Services in Japan
Even in this scenario, DeCurret is planning to fully implement a crypto payment system for the East Japan Railway Company, which is also a major investor in the exchange. As a part of this partnership, the East Japan Railway Company will issue a Suica payment card. Users will be able to top up this card with crypto and use it for paying transportation expenses. According to recent data, 70 million Suica cards have been used across the country, as of March 2019.
Crypto Regulations in Japan
Though Decurret has been operating as a registered crypto exchange in Japan, it may soon be facing a number of regulatory hurdles. As reported earlier, Japan will enforce the amended regulatory compliances in the form of the Payment Services Act and Financial Instruments and Exchange Act, from 1st May.
