SBI Motor Japan announces adoption of BTC and XRP payments

Customers can now pay for used cars using BTC and XRP, according to SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd.
Customers can now pay for used cars using BTC and XRP, according to SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd.

Customers can now pay for used cars using 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 cross-border e-commerce platform in Japan. The SBI VC Trade Co., Ltd, a crypto exchange operated by the SBI Group, will settle the BTC and XRP transactions. According to SBI, the platform will employ required safety measures to prevent underlying concerns of crypto transactions like money laundering and terrorist financing.

The decision was made in response to the rising demand for cryptocurrencies in developing countries, particularly in Africa, where people still lack access to fundamental financial services, according to the release. According to SBI, a 2017 World Bank survey found that over 1.7 billion individuals globally still lack access to fundamental financial services, excluding them from positive activities.

SBI further said that it is currently monitoring and examining its business partners to ensure that they are adhering to AML and corporate standards. Apart from implementing BTC and XRP settlements, it added that it would continue to support additional key projects that would meet the needs of its growing client base.

XRP adoption and the SEC case

This is considered a significant step forward for Ripple, which has been dealing with a lawsuit launched in 2020 alleging that it sold unregistered securities in the form of XRP. The lawsuit has given a severe blow to XRP and its holders, with some platforms discontinuing support for the cryptocurrency. Ripple CEO Brad Garlinghouse recently stated his optimism that the blockchain-based global payments firm’s long-running litigation with the US Securities and Exchange Commission would result in a good decision.

The adoption of XRP outside of the United States, according to Aliasgar Merchant, Developer Relations Engineer at Ignite, is a good indicator that a lawsuit in the United States “shall not deter a technology from adoption.”

Japan has seen increased participation in the crypto industry. In February, the Japanese messaging app LINE announced the offering of a native token payment trial.