Japanese ecommerce website allows crypto payments
Japanese used-car export firm, SBI Motor Japan, has announced that its ecommerce site is now going to accept crypto payments
By Shashank Bhardwaj
SBI Motor Japan has announced that it will start accepting Bitcoin (BTC) and Ripple (XRP) as payments for used cars on its ecommerce website. These transactions will be settled on the SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group.
SBI Motor Japan is a subsidiary of SBI Africa Co Ltd. The ecommerce website provides information on used automobiles to emerging countries around the world, including Tanzania, Zambia, Kenya, the Bahamas, the Cayman Islands, the Caribbean, and Ireland, which are major export destinations.
In a notice dated May 9, 2022, SBI Motor Japan stated, “In anticipation of the growing demand for remittances using crypto assets, we plan to increase the number of currencies that can be used for settlement in the future.”
SBI VC Trade Co Ltd complies with AML requirements and anti-terrorism financing methods as defined in international standards, and examines business partners and clients as part of a screening process to protect its users.
According to SBI’s notice, this initiative marks the first time XRP cryptocurrency will be rolled out at a cross-border ecommerce site in Japan. This decision positively impacted Ripple, which went through a lawsuit filed in 2020 for selling unregistered securities in the form of XRP.
In SBI’s notice, a study from the World Bank states that 1.7 billion adults worldwide have no access to banks. Most of them concentrated in the African continent.
An additional study compiled from the Singapore-based crypto-currency CooCoin was cited in the notice that Africa had witnessed a 15-fold increase in total cryptocurrency transactions. Not only did transactions increase, but the total number of users also multiplied by 25 in January 2022 over the previous year.
This feature will provide accessibility to a large number of unbanked users currently excluded from the global economy. Moreover, cryptographic asset transfers use blockchain; even if the banking system ceases to function, as long as the Internet is operational, remittances may continue to be used without being affected by a breakdown in the exchange.
SBI ended its notice by stating, “We will continue to expand our services to meet the needs of our customers and will not stop with SBI Motor Japan's support for crypto-asset settlements.”
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..