The e-commerce website for used cars, SBI Motor Japan announced the integration of crypto payments for its customers in Bitcoin and XRP.
According to a document released from the company, this is the very first time in Japan that a cross-border e-commerce website has adopted XRP cryptocurrency on its platform.
Every BTC and XRP transaction made on the SBI Motor website will be executed on the SBI VC Trade, which is a crypto exchange owned by the SBI group. To prevent cross-border terrorist funding, and money laundering, the platform will follow adequate security measures.
Also, SBI disclosed that the company is observing and scrutinizing its clients to verify whether they are compliant with AML (Anti-money laundering) regulations or not. It has also indicated that the company will add more significant projects to enhance its business.
The company stated that the reason behind this approach is the growing popularity of cryptocurrency in developing countries, especially in Africa. The World Bank survey in 2017 states that over 1.7 billion people in the world still find themselves away from conventional financial services and owing to this they have been shut out of beneficial activities.
Also Read: Tesla to Accept Dogecoin Payments at Supercharger Station
The news could be a good tiding for Ripple, which has been facing a lawsuit filed in 2020 for selling unregistered securities in the form of XRP. Apart from this, last year, SEC filed an opposition against Ripple’s Letter Motion to Compel SEC employees’ pre-clearance XRP trading data.
