According to Tokyo-headquartered Japanese used car exporting firm, SBI Motor Japan, XRP and Bitcoin will be accepted to allow customers to pay. This is the first time XRP has been integrated into a cross-border e-commerce site in Japan.
SBI Motor Japan allows payments in BTC and XRP
SBI Motor Japan provides important used car information for African countries as well as Ireland, the Cayman Islands, the Bahamas, and the Caribbean.
The e-commerce site will settle XRP and BTC transactions through SBI VC Trade Co., Ltd, a cryptocurrency trading subsidiary of the Japanese financial giant SBI. The announcement said that the exchange will take appropriate measures to prevent money laundering and terrorist financing. In addition, SBI is currently checking with its business partners and others to make sure they are complying with AML guidelines.
The move comes as a result of increased demand for remittances in crypto, especially in emerging countries in Africa. The SBI notes that more than 1.7 billion adults globally remain unbanked and they miss out on vital financial services as a result.
SBI revealed that they intend to add support for more cryptocurrencies in the future as crypto adoption increases. In addition, besides cryptocurrency payments, the company will continue to create more services to meet the needs of customers.
A boon for XRP amid Ripple’s battle with the SEC
This development can be seen as a win for Ripple and its cryptocurrency XRP as is the case between the San Francisco-based blockchain payments company and the US Securities and Exchange Commission (SEC).
The SEC dropped a bombshell on the crypto world in December 2020 when it sued Ripple and two of its top executives for allegedly selling unregistered securities in the form of XRP. Although XRP was delisted by many crypto exchange platforms, Ripple refused to settle and continued to fight with the SEC in court. The company also occasionally publicly trolls the company about its suspicious behavior.
Ripple has so far scored a number of significant procedural wins in the case, including winning the right to oust former SEC official William Hinman, who ruled ethereum was not a security and forced the securities watchdog to turn over documents detailing its internal deliberations.
Ripple director Bradley Garlinghouse recently commented that the case is going much better than he expected. He also believes that Ripple’s aggressive tactics against the SEC will bring advantages not only to the company but also to the broader crypto industry.
If you don’t catch my video on the use of #XRP in Africa through SBI. This graphic will scratch the surface. XRP is always in an *ecosystem* built on synergy. Multiple business units – traditional models, tied directly into finance. The grand vision of @yoshitaka_kitao pic.twitter.com/sTu1ujmxI6
— ☀🌸CryptoEri 196k+ Followers (beware of imposters) (@sentosumosaba) May 10, 2022
Meanwhile, the fact that SBI Motor Japan accepts XRP for payments shows that regulatory troubles with the SEC in the US are not stopping the adoption of this burgeoning technology.
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