The latest development highlights the first instance where XRP digital currency will be employed on a cross-border e-commerce site.
SBI Motor Japan to Accept Crypto Payments, Implement Security Measures
SBI Motor Japan, which runs as a subsidiary of the SBI Africa Co. Limited, has reported that its clients are now free to use Ripple (XRP) and Bitcoins (BTC) to make payments for cars they buy via the platform. The settlement will be processed via SBI VC Trade Co. Limited, an exchange developed and owned by the SBI group. This platform will employ different security methods to counter terrorism financing and money laundering.
SBI also said that it is progressively monitoring and assessing business partners to help verify they adhere to best practices and laws in Anti-Money-Laundering (AML). In addition to accepting XRP and BTC, SBI added that it was also supporting other projects to help grow its clients’ base.
According to the announcement, the move was informed by the growing demand for digital assets, especially in the developing countries where people still lack access to conventional financial services. Recently, a survey done by the World Bank indicated that more than 1.7 billion across the globe still lack financial access, which implies that they have been omitted from related benefits.
The move is a huge leap for Ripple, which has been fighting lawsuits related to selling unregistered securities. The case was a huge blow to Ripple, with some XRP holders ceasing support for the platform. Brad Garling, the CEO of Ripple, expressed optimism that the lawsuit would ultimately vindicate the firm.
In his view, Aliasgar Merchant, one of the top developer relations engineers at Ignite, said the adoption of Ripple’s XRP outside the United States is an indicator that the lawsuit is not likely to scare away the firm’s technology adoption and success.
Merchant added that most governments across the globe are using every available opportunity to embrace cryptos. “If governments can implement security and technology together, that’s like a marriage in heaven,” emphasized Merchant.