Customers can now pay for used vehicles using Bitcoin (BTC) and XRP. This is according to SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd.
The SBI VC Trade Co., Ltd, a cryptocurrency exchange the SBI Group operated, will settle the BTC and XRP transactions. According to SBI, the platform will employ necessary security measures to avoid money laundering and terrorist financing through cryptocurrency transactions.
So far, SBI’s announcement highlights the first time use of the XRP cryptocurrency on a cross-border e-commerce platform in Japan.
SBI Motor Japan to strictly follow AML protocol
According to the announcement, the decision is motivated by the rising demand for cryptocurrencies in developing countries, particularly in Africa, where people continue to lack access to fundamental financial services.
Furthermore, SBI Motor Japan indicated that it is currently monitoring and examining its business partners. That is to ensure that AML and corporate regulations are in effect. Apart from implementing BTC and XRP payments, SBI said that it would continue to support additional key projects that meet the needs of its growing client base.
According to SBI, the 2017 World Bank survey shows 1.7 billion people globally still lack access to fundamental financial services. And they are not part of positive activities.
A beneficial move for Ripple
Thus, this may be 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 lawsuit with the U.S. Securities and Exchange Commission would result in a favorable outcome.
The adoption of XRP outside of the U.S., 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.”