SBI Motor Japan Adopts BTC and XRP Payments for Used Cars

SBI Motor Japan has announced that it will now accept Bitcoin (BTC) and  XRP as payments for used cars.

In an announcement made on Monday, SBI stated that this development will mark the first time that XRP will be deployed as a cross-border e-commerce website in Japan. A cryptocurrency exchange owned by SBI Group, SBI VC Ltd, will be handling the BTC and XRP transactions.

According to SBI, the platform will make sure to use appropriate security methods to prevent any money laundering or terrorism financing. SBI also revealed that they are keeping an eye on its business partners to ensure that they follow Anti-Money Laundering (AML) and corporate regulations.

SBI’s decision apparently stems from the growing demand for cryptocurrencies in developing countries where most people still do not have access to basic financial services, especially in Africa. In a 2017 World Bank survey, it was found that 1.7 billion people worldwide still do not have access to the most simple financial services.

SBI’s decision is also a very positive step for Ripple who has been entangled in a court case with the United States Securities and Exchange Commission for selling unregistered securities in the form of XRP. This lawsuit has had a devastating effect on XRP and its holders and many platforms have stopped supporting the digital currency.

According to a developer relations engineer at Ignite, Aliasgar merchant, the adoption of XRP outside the United States is a great indicator that the lawsuit in the United States “shall not deter a technology from adoption.”

SBI stated that aside from adding BTC and XRP settlements, It will still continue to support other significant projects that serve the demands of its growing client base.