SBI Motor Japan, SBI Africa’s cross-border e-commerce platform announced on May 9 that they have started accepting cryptocurrency payments in Ripple (XRP) and Bitcoin (BTC) will now be accepted payment methods for used cars.

According to the announcement by SBI on Monday, "Crypto asset remittances use the blockchain (distributed ledger), so even if the banking system stops functioning, as long as the Internet is operational, remittances can continue to be used without being affected by the failure of an exchange, etc."

The financial services company group based in Tokyo, Japan’s SBI Holdings, has taken the action to make Ripple mainstream.

The development denotes the first time XRP cryptocurrency will be sent on a cross-line web-based business site in Japan. The BTC and XRP exchanges will be chosen by the SBI VC Trade Co. Ltd, a cryptocurrency exchange claimed by the SBI Group. As indicated by SBI, the platform will involve fitting security techniques to forestall money laundering and terrorist funding through crypto exchanges.

Besides, SBI uncovered that it is by observing and investigating its business partners to confirm that they follow Anti-Money Laundering (AML) and corporate guidelines. SBI expressed that besides adding BTC and XRP settlements, it would keep on supporting other critical activities that serve the requests of its extending client base.

As per the declaration, the move originates from the developing interest for cryptocurrencies in non-industrial nations, especially in Africa, where individuals need admittance to basic financial services.

Regardless of the ongoing SEC v. Ripple lawsuit, the SBI Group plays a vital impact in extending XRP's utility, embracing payments in the altcoin, and driving its reception internationally. The Securities and Exchange Commission (SEC) has charged Ripple and co-founders Chris Larsen and Brad Garlinghouse with a $1.3 billion in unregistered securities presented through the XRP deal.

Indrani bose

CBW - External Analyst

INDIA