SBI Motor Japan to accept Bitcoin and XRP as payment for used cars

Ponvang B. Ponvang B.
9 May 2022
2 min read
Share article:

SBI Motor Japan to accept Bitcoin and XRP as payment for used cars

A Japanese auto dealer, SBI Motor Japan has announced it will start accepting BTC and XRP as payments for its used cars. The subsidiary of SBI Africa Co., Ltd., exports 5,000 cars mostly to Africa yearly. 

With this action, SBI Motor Japan has become the first e-commerce site in Japan to deploy XRP cryptocurrency on its website. Transactions using the two cryptocurrencies will be settled using SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by the SBI Group. 

According to the announcement, the company will also take measures to ensure that the adoption of cryptocurrencies does not open the door to money laundering and terrorist financing through crypto transactions. It is also closely monitoring and screening its partners to ensure they are complying with AML and corporate regulations.

Interestingly, the company says that the adoption of the two cryptocurrencies is a move to meet the growing demand for cryptocurrencies, particularly in African developing countries. As people in such countries lack access to basic financial services, cryptocurrencies have become their best bet at making cross-border payments for foreign goods such as cars.

SBI Motor Japan’s customers are not the only ones benefiting from this adoption, Ripple’s XRP also needs it as it has been facing battles with the SEC in court since last year. Although Ripple's CEO Brad Garlinghouse has expressed optimism that they will win the case, this adoption will go a long way to improve the image of the 6th largest cryptocurrency by market cap among investors and merchants alike.

Commenting on the development, Aliasgar Merchant, Developer Relations Engineer at Ignite said this further proves that the law case which is only in the U.S cannot stop the adoption of the token.

Going forward, SBI Motor Japan intends to add support for more cryptocurrency projects that meet the demands of its growing customer base. 

Don't forget to follow us @cryptonezo to stay updated with the latest blockchain and cryptocurrency news

Ponvang B.
Ponvang B.
About the Author

Crypto enthusiast, writer in the crypto space since 2018. Love to travel

Related Articles