This is the first time that the XRP digital currency has been used on a cross-border Japanese e-commerce site.
Customers can now pay for used vehicles using Bitcoin (BTC) and XRP, as per SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd.
According to SBI’s statement on Monday, this is the first time the XRP cryptocurrency has been used on a cross-border e-commerce portal in Japan. The SBI VC Trade Co., Ltd, a cryptocurrency exchange controlled by the SBI Group, will process the BTC and XRP transactions. As per SBI, the platform will implement necessary security precautions to stop money laundering and terrorist financing through cryptocurrency transactions.
“We are glad to say that our company has initiated facilitating crypto-asset [BTC and XRP] settlements on the cross-border [e-commerce] site SBI Motor Japan.” Tomoya Kitagawa, SBI Tokyo’s Representative Director, said.
SBI even further said that it regularly analyzes and examines its business partners to guarantee that they are adhering to AML and corporate requirements. Apart from integrating BTC and XRP settlements, SBI added that it would continue to promote more key projects that would meet the needs of its booming customer base.
According to the report, the decision was made in response to the high demand for cryptocurrencies in emerging nations, particularly in Africa, where people currently need access to essential financial services. As per SBI, a 2017 World Bank survey found that over 1.7 million inhabitants globally still lack access to essential financial services, excluding them from positive activities.
This is recognized as a crucial step forward for Ripple, which has been battling a lawsuit issued in 2020 claiming that it sold unregistered securities in the form of XRP. The lawsuit has delivered a severe blow to XRP and its holders, with some platforms discontinuing support for the cryptocurrency. Ripple CEO Brad Garlinghouse recently stated his hopes that the blockchain-based global payments firm’s long-running litigation with the US Securities and Exchange Commission would result in an intelligent move.
The development of XRP outside of the United States, according to Aliasgar Merchant, Developer Relations Engineer at Ignite, is an excellent indicator that a lawsuit in the United States “shall not prevent a technology from implementation.”
He claimed that governments worldwide are embracing any chance to pursue bitcoin and that “if they can combine security and technology, it’s like a wedding made in heaven.” Merchant went on to say that “A financial technology revolution is desperately needed, especially in poor countries. This program would ensure that undeveloped and poor countries have recourse to enough financial resources.”