Ripple (XRP) And Bitcoin (BTC) Can Buy Used Cars In Japan

XRP cryptocurrency. (photo: Currency)

JAKARTA – The adoption of crypto as a means of payment is increasingly mushrooming, this time SBI Motor Japan as a line of SBI Africa Co. Ltd., made an announcement regarding used car payments with BTC and XRP. The company states that its consumers can buy used cars with both cryptocurrencies.

In an announcement from SBI Motor Japan on Monday 9 May, the decision signifies that it is the first time the XRP cryptocurrency has been used as a means of payment in Japanese e-commerce.

Launching CryptoPotato, BTC and XRP transactions will be settled at SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group. The platform, according to SBI, will use appropriate security methods to prevent money laundering and terrorist financing through crypto transactions.

Furthermore, SBI revealed that it is currently monitoring and scrutinizing its business partners to verify that they are following Anti-Money Laundering (AML) and company regulations. SBI stated that apart from adding BTC and XRP settlements, it will continue to support other important projects catering to the demands of its growing client base.

SBI Motor Japan said the decision was implemented due to the increasing demand for cryptocurrencies in various countries, especially in Africa and developing countries. SBI notes that more than 1.7 billion people worldwide still lack access to basic financial services and are unable to carry out useful activities because of it, as shown by a 2017 World Bank survey.

The decision is a positive thing for Ripple, which is currently at loggerheads with the US Securities and Exchange Commission (SEC) at the court. The lawsuit from the SEC affected Ripple, where they were accused of selling unregistered tokens.

The adoption of XRP outside the United States is considered to be a good indicator and it shows that the XRP vs SEC case in court “will not hinder Ripple's technology adoption”.