Customers can now pay for used automobiles with Bitcoin (BTC) and XRP, according to SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd.
According to SBI’s announcement on Monday, this is the first time the XRP cryptocurrency has been used on a Japanese cross-border e-commerce platform. SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by the SBI Group, will settle the BTC and XRP transactions. According to SBI, the platform will employ sufficient security measures to avoid money laundering and terrorist financing via cryptocurrency transactions.
SBI Motor further stated that it is currently monitoring and examining its business partners to ensure that they are adhering to AML and corporate regulations. Apart from implementing BTC and XRP settlements, SBI added that it will continue to support other important projects that would meet the needs of its growing client base.
SBI Motor claims, 1B individuals lack access to fundamental financial services
The decision was made in response to increased demand for cryptocurrencies in poor nations, particularly in Africa, where people still lack access to fundamental financial services, according to the release. According to SBI Motor, a 2017 World Bank survey revealed that over 1.7 billion individuals throughout the world still lack access to fundamental financial services, and as a result, are excluded from positive activities.
This action is considered a step forward for Ripple, which has been dealing with a lawsuit launched in 2020 accusing it of issuing unregistered securities in the form of XRP. The litigation has been disastrous to XRP and its holders, with some platforms discontinuing support for the digital currency as a result of it. Ripple CEO Brad Garlinghouse recently stated his optimism that the blockchain-based global payments company’s long-running litigation with the US Securities and Exchange Commission will end in a favourable way.
The acceptance of XRP outside of the United States, according to Aliasgar Merchant, Developer Relations Engineer at Ignite, “should not hinder a technology from adoption.”
He continued, “If they can apply security and technology together, that’s like a marriage in heaven,” he said. In addition, Merchant stated that “A financial technology revolution is urgently required, particularly in emerging nations. This programme would ensure that developing and developing countries have access to adequate financial resources.”