Cryptocurrencies are going mainstream, which is evident by the fact that several centralized marketplaces are now offering users the ability to make purchases using digital assets. Recently, one such development has taken place where SBI Motor Japan, a subsidiary of SBI Africa Co. Ltd., will allow the customers to make purchases for used cars using Bitcoin and Ripple.
According to the announcement by SBI, this development will initiate the first incident ever where XRP digital currency will be used on a cross-border Japanese e-commerce site. Both BTX and XRP transactions will be settled on SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group. According to the report, the cryptocurrency exchange will use various security methods to avoid money laundering and terrorist financing through crypto transactions.
Moreover, SBI has also revealed that it is currently monitoring and scrutinizing its business partners to thoroughly verify and check if they have Anti-Money Laundering and corporate regulations in place. The announcement also mentioned that apart from BTC and XRP, the company will also support other projects that serve the growing demand of its clients.
According to the statement, this move from SBI is to cater to the growing demand for digital currencies in developing nations such as Africa, where people do not have access to traditional financial services.
Ripple’s Big Win
This announcement is a big achievement for Ripple, as it has been struggling with a lawsuit filed in 2020. The lawsuit that accused Ripple of selling unregistered securities led to the currency’s downfall. Ripple CEO Brad Garlinghouse expressed that he is positive about the long-ongoing lawsuit and hopes for a favorable outcome.
According to a developer relations engineer at Ignite, Aliasgar Merchant, the adoption of XRP outside the US is a good indicator that a lawsuit in the United States “shall not deter a technology from adoption.”
He went on to add that global governments are seizing any possible moment to embrace digital currencies, and
“if they can implement security and technology together, that’s like a marriage in heaven.” Merchant also added that “a revolution in financial technology is much needed, especially in developing countries. This initiative will make sure developing and underdeveloped countries get good financial opportunities.”