Leading Japanese Used Car Exporter Now Accepts XRP Payments

SBI Motor Japan, a Japanese used automobile exporting company, would accept digital currencies such as Bitcoin and Ripple’s XRP as payment methods. The XRP coin has been integrated into a cross-border e-commerce site in Japan for the first time.

SBI Motor Japan has announced that it now accepts XRP and bitcoin as payment methods. SBI Motor Japan delivers essential used car information to African countries, as well as Ireland, the Cayman Islands, the Bahamas, and the Caribbean.

SBI VC Trade Co., Ltd, a crypto trading subsidiary of the Japanese financial giant SBI Group, will settle XRP and BTC transactions on the e-commerce site. According to the statement, the exchange would take adequate measures to avoid money laundering and terrorist financing. SBI is also also inspecting its business partners and other partners to ensure that they are adhering to AML requirements.

The move is motivated by the growing demand for cryptocurrency remittances, particularly in Africa’s emerging markets. According to a 2017 World Bank survey, more than 1.7 billion adults worldwide are unbanked, and they are missing out on important financial services as a result.

SBI stated that if cryptocurrency acceptance rises, it intends to increase support for more cryptocurrencies. In addition to cryptocurrency settlements, the company will continue to develop new services to meet the needs of its consumers.

As the dispute between the San Francisco-based blockchain payments startup and the US Securities and Exchange Commission (SEC) goes on, the development can be considered a win for Ripple and its XRP cryptocurrency.

In December 2020, the Securities and Exchange Commission (SEC) dropped a bombshell on the cryptosphere when it sued Ripple and two of its senior executives for allegedly selling unregistered securities in the form of XRP. Despite the fact that numerous cryptocurrency trading platforms have delisted XRP, Ripple has refused to settle and is fighting the SEC in court. The firm also publicly chastises the agency on occasion for its problematic actions.

Ripple has won numerous procedural victories in the case so far, including the ability to depose former SEC official William Hinman, who ruled that ethereum isn’t a security, and forcing the securities regulator to give over documents documenting its internal deliberations.

Ripple chief Bradley Garlinghouse has stated that the investigation is progressing far more quickly than he anticipated. He also thinks that Ripple’s aggressive methods in defying the SEC will benefit not only the business but the whole crypto industry.

Meanwhile, SBI Motor Japan’s acceptance of XRP for payment shows that legal squabbles with the SEC in the United States aren’t deterring the technology’s adoption.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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