Japanese Ecommerce Site Uses BTC and XRP Payments for Used Cars

SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that its customers can now make used car payments using Bitcoin (BTC) and XRP.

According to the announcement by SBI on Monday, the development marks the first time XRP cryptocurrency will be deployed on a cross-border e-commerce website in Japan. The BTC and XRP transactions are settled on the SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by the SBI Group. The platform will use appropriate security methods to prevent money laundering and terrorist financing through crypto transactions, according to SBI.

Furthermore, SBI has revealed that it is currently monitoring and scrutinizing its business partners to verify that they are complying with AML and corporate regulations. SBI stated that aside from adding BTC and XRP settlements, it would continue to support other key projects that meet the demands of its growing customer base.

Japanese first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mainly to Africa. #BTC will be the other crytpo asset that will be accepted. @yoshitaka_kitao continues to bring XRP utility into play.https://t.co/MYfcofN3XE

— ☀CryptoEri 196k+ followers (beware of cheaters) (@sentosumosaba) May 9, 2022

According to the announcement, the move stems from the growing demand for cryptocurrencies in developing countries, particularly in Africa, where people still lack access to basic financial services. According to SBI, more than 1.7 billion people worldwide still lack access to basic financial services and are therefore excluded from beneficial activities, according to a 2017 World Bank survey.

Related: Ripple Claims ‘Very Big Win’ in SEC Case

This move is seen as a positive step forward for Ripple, which is grappling with a lawsuit filed in 2020 for selling unregistered securities in the form of XRP. The lawsuit dealt a devastating blow to XRP and its holders, which have seen some platforms discontinue support for digital currencies. Ripple CEO Brad Garlinghouse recently expressed his optimism that the long-running lawsuit with the United States Securities and Exchange Commission would result in a favorable outcome for the blockchain-based global payments company.

According to Aliasgar Merchant, Developer Relations Engineer at Ignite, the adoption of XRP outside the United States is a good indicator that a lawsuit in the United States “will not prevent a technology from being adopted.”

He went on to say that governments around the world are taking every moment they can to embrace cryptocurrency and “If they can implement security and technology together, it’s like a marriage in heaven.” Merchant also added that “a revolution in financial technology is desperately needed, especially in developing countries. This initiative will ensure good financial opportunities for developing and underdeveloped countries.”