The SBI company’s latest development is the first time XRP digital currency will be used on a cross-border Japanese e-commerce site.
SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that customers can now pay for used vehicles with Bitcoin (BTC) and XRP.
According to SBI’s announcement on Monday, this is the first time the XRP cryptocurrency has been deployed on a cross-border e-commerce website in Japan. The SBI Group’s cryptocurrency exchange, SBI VC Trade Co., Ltd, will settle the BTC and XRP transactions.
According to SBI, the platform will employ appropriate security measures to prevent money laundering and terrorist financing through crypto transactions.
Furthermore, SBI revealed that it is currently monitoring and scrutinizing its business partners to ensure that AML and corporate regulations are followed. Apart from adding BTC and XRP settlements, SBI stated that it would continue to support other significant projects that meet the needs of its growing client base.
According to the announcement, the decision is motivated by the rising demand for cryptocurrencies in developing countries, particularly in Africa, where people continue to lack access to basic financial services.
According to SBI, according to a 2017 World Bank survey, over 1.7 billion people worldwide still lack access to basic financial services and are thus excluded from beneficial activities.
This is a positive step forward for Ripple, which has been dealing with a lawsuit filed in 2020 for selling unregistered securities in the form of XRP. The lawsuit has dealt a crushing blow to XRP and its holders, with some platforms discontinuing support for digital currency. Ripple CEO Brad Garlinghouse recently expressed optimism that the blockchain-based global payments firm’s long-running lawsuit with the United States Securities and Exchange Commission would result in a favorable outcome.
According to Aliasgar Merchant, Developer Relations Engineer at Ignite, XRP adoption outside of the US is a good indicator that a lawsuit in the US “shall not deter a technology from adoption.”
He went on to say that governments all over the world are seizing every opportunity to embrace cryptocurrency, and that “if they can implement security and technology together, that’s like a marriage made in heaven.”
Merchant also stated that “A financial technology revolution is desperately needed, particularly in developing countries. This initiative will ensure that developing and underdeveloped countries have access to adequate financial resources.”
