SBI Motor Japan, a division of SBI Africa Co. Ltd., has announced that customers can now pay for used cars with Bitcoin (BTC) and Ripple (XRP). It’s the first time that XRP has been deployed on a Japanese cross-border eCommerce site.
SBI VC Trade Co. Ltd, a cryptocurrency exchange that belongs to the SBI Group, will handle the BTC and XRP transactions. According to the company, the platform will employ appropriate security measures to prevent money laundering and terrorist funding through crypto transactions.
SBI also revealed that it is currently monitoring and scrutinizing business partners to ensure compliance with Anti-Money Laundering and corporate regulations. SBI said that it will continue to support important projects that meet the needs of its growing client base, including XRP and BTC settlements.
The announcement states that the move was prompted by the increasing demand for cryptocurrency in developing countries, especially in Africa. Many people in Africa still don’t have access to basic financial services.
SBI estimates that over 1.7 billion people lack access to financial services worldwide and are being excluded from beneficial activities as a result. This is according to a 2017 World Bank survey.
This is a positive move for Ripple. Ripple has been in turmoil since 2020 , when it was accused of selling unregistered securities. The lawsuit has been a blow to XRP holders and has caused some platforms to stop supporting digital currency. Brad Garlinghouse, Ripple CEO, expressed optimism about the outcome of the ongoing lawsuit with the United States Securities and Exchange Commission.
Aliasgar Merchant is the developer relations engineer at Ignite. He believes that the adoption of XRP in other countries is a sign that a lawsuit in the US will not stop a technology from being adopted. Ripple is still involved in a drawn-out legal battle with the Securities and Exchange Commission.
Merchant explained that governments around the globe are embracing cryptocurrency at all times and that they can integrate security and technology together cleanly and efficiently. He also stated that a revolution is needed in financial technology, especially in developing nations. This initiative will ensure that both developing and underdeveloped nations have access to good financial opportunities.