Japanese e-commerce site adopts BTC and XRP payments for used cars

cointelegraph.com:

SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that its customers can now make payments for used cars using Bitcoin (BTC) and XRP.

As per the announcement by SBI on Monday, the development marks the first time XRP cryptocurrency will be deployed on a cross-border e-commerce website in Japan. The BTC and XRP transactions will be settled on the SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by the SBI Group. The platform, according to SBI, will use appropriate security methods in order to prevent money laundering and terrorist financing through crypto transactions.

Furthermore, SBI revealed that it is presently monitoring and scrutinizing its business partners to verify that they follow AML and corporate regulations. SBI stated that aside from adding BTC and XRP settlements, it would continue to support other significant projects that serve the demands of its expanding client base.

Japan's first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crytpo-asset accepted. @yoshitaka_kitao keeps putting XRP utility in play.https://t.co/MYfcofN3XE

According to the announcement, the move stems from the growing demand for cryptocurrencies in developing countries, particularly in Africa, where people still lack access to basic financial services. According to SBI, over 1.7 billion people worldwide still lack access to basic financial services and have been shut out of beneficial activities because of it, as shown by a 2017 World Bank survey.

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