The XRP community is buzzing as reports suggest that Japanese banks will start using XRP within the next few days.
This development has been fueled by a recent post by Amelie (@_Crypto_Barbie), a well-known crypto influencer on X. She shared a screenshot of SBI’s English presentation and suggested that Japanese banks will begin using XRP in one week.
ONLY 1 MORE WEEK TO GO UNTIL EVERY BANK IN JAPAN WILL USE #XRP – ACCORDING TO THE SBI CEO YOSHITAKA KITAO!
Source: https://t.co/0eNXALc1MH pic.twitter.com/deJnSNRsZ7
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) December 25, 2024
SBI’s Remittance System
The screenshot shared by Amelie shows some details of a proposed Remittance system for XRP. It involves the XRP Ledger and Ripple’s Interledger Protocol (ILP) which the Bank of England has also shown interest in.
The image shows how Japanese banks can connect to international financial institutions through ILP and also communicate among themselves with the same technology. This allows the transfer of value and remittance payments without the need to process multiple currencies, as all transactions can be processed using XRP as a bridge currency.
SBI and Ripple’s Partnership
SBI Group has been a strong advocate for XRP and its underlying technology. The updated English presentation shared some key details of this partnership. SBI invested in Ripple Labs in 2016, becoming the largest external shareholder, and this partnership has led to the development of innovative remittance solutions utilizing XRP as a bridge currency.
In 2021, SBI Remit launched Japan’s first international remittance service leveraging XRP, streamlining cross-border transactions and demonstrating the technology’s real-world applications. In late 2023, the company expanded its remittance services to The Philippines, Vietnam, and Indonesia, using XRP as a bridge currency.
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The potential widespread adoption of XRP by Japanese banks would be a significant milestone for the cryptocurrency market. It would validate the technology’s utility for real-world financial transactions and solidify its position as a viable solution for international payments.
SBI Group’s commitment to XRP extends beyond remittance services. The company plans to leverage the XRP Ledger for other financial applications, such as issuing non-fungible tokens (NFTs). This diversification of use cases demonstrates the growing recognition of XRP’s potential to revolutionize various aspects of the financial industry.
Japan has been progressive in its approach to crypto regulation, and further regulatory clarity and a supportive regulatory framework will be essential to ensure the sustainable growth and adoption of XRP and other cryptocurrencies in the country.
Although Amelie did not specify her source for the one-week adoption timeline, XRP’s unique features, such as its speed and low transaction costs, make it an attractive option for banks seeking to improve efficiency and reduce costs associated with cross-border payments.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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