Pay for your used car in bitcoin or XRP? The Japanese did

Well-pampered used enthusiasts – The introduction of cryptocurrencies in some parts of the world is starting to have a real impact on the economy. The vast Japanese holding company, SBI (Strategic Business Innovator), has decided, through one of its subsidiaries, to accept certain crypto tower for some cross-border payments. As a reminder, this company had already demonstrated his interest in bitcoin (BTC) through a loan system. Direction Tokyo to analyze this decision!

A versatile financial achievement that loves Bitcoin

The group SBI is one of these giants in international finance. Headquartered in Tokyo, Japan, it brings together no less than 80 companies from around the world. The company therefore has a wide range of activities: financial services, asset management, biotechnological research and also a wide range of ” research and development ” on new technologies. Among these works are blockchain and cryptocurrencies are primarily concerned.

We will now see what happens to its subsidiary SBI Africa Co., more specifically the company SBI Motor Japan (a subsidiary of the subsidiary). This device specializes in sales of used cars and in their shipment around the world. This includes in particular many African countries, such as Tanzania, Kenya or Zambia.

Users can select their vehicle on their website and then select a port to receive. This thriving business perfectly meets the expectations of the African market, a major second-hand consumer. To take off international payments, SBI Motor Japan will be able to trust SBI VC Trade Co. There are many subsidiaries, but it’s a bit like the principle of large international finances.

The SBI inventory will allow their customers to purchase used vehicles with Bitcoin or XRP.  This is to capture a section of the population living in emerging countries that do not have access to the traditional banking system.
It is now possible to pay for your used car in BTC or XRP at SBI

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Cryptocurrency as a link between Asia and Africa

SBI VC Trade Co. is a platform that provides many services related to cryptocurrency. It will therefore take care of the payments. Due to this cooperation between these subsidiaries, the SBI Group has announced that would accept soon payments in BTC and in XRP for used cars. We will not go back here to the history or interest in XRP compared to other cryptocurrencies. If you want to dig deeper, do yourself a favor. on our dedicated files !

The prospects for this partnership are therefore enormous. To justify its choice, the SBI cites a report from World Bank of 2017, which makes the following observation: 1.7 billion adults in the world do not have a bank account. Emerging countries concentrate most of them.

In its statement to the press, the Japanese group also takes up the conclusion of a study of Kucoin Singapore. This study takes stock of the use of cryptocurrencies in Africa. The conclusion is clear: the number of transactions was multiplied by 15, while the number ofusers has been multiplied by 25. It is to capture this new market and this new category of users that SBI has decided to accept Bitcoin and XRP.

Despite adverse economic conditions, companies are building the world of the future in a pragmatic way. There is a pool of potential consumers who have remained outside the traditional financial system and companies are trying to reach them. That cryptocurrencies and Bitcoin prove to be a perfect link between forgotten by globalization in Africa and economic pioneers in the rest of the world.

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