Tuesday, August 20, 2019

By 2025, All Banks In Japan Would Have Adopted Ripple’s XRP For Cross-border Payments

In an interview with Coinpost, the Strategic Business Innovator Group’s (SBI) CEO, Yoshitaka Kitao stated that SBI’s goal is to have banks in Japan adopt Ripple’s XRP for cross-border payments by 2025. Kitao is also of the opinion that XRP has the potential of hitting $10 per coin when the firm’s virtual currency exchange, VCTrade goes live in March.

Plans to Allow Banks in Japan Process Payments Using Ripple’s XRP

Reportedly, Yoshitaka Kitao said SBI has been taking steps to foster the adoption of XRP by Japanese banks for the processing of cross-border payments. There are expectations that this will be made possible by the 2025 Osaka Expo. The latter is a World Expo event which has been scheduled to hold on May 3, 2025. Its theme is “design future society for our lives.”

Furthermore, the president of the financial services firm also revealed that the company is developing an S Coin Platform which will be used to issue XRP. Kitao is also confident that the virtual asset is the number one cryptocurrency while Bitcoin has no fundamental value. He added that XRP is a tool that is used for making faster and cheaper cross-border payments whereas Bitcoin is still searching for a use case.

In his opinion:

There is basically no value for bitcoin. The fact that bit coins are going to be used more and more in practical use is not easy if it comes to that price.

SBI to Launch VCTRADE Exchange in March

On February 5, SBI announced that VCTrade, its Virtual currency exchange will start trading cryptocurrencies. The assets which were outlined are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). VCTrade has been set to go live in March.

Consequently, users of the platform who have been verified will be able to purchase each of the outlined cryptocurrencies using the Japanese Yen. The aim of allowing individuals and banks to take advantage of XRP is in a bid to increase the liquidity in the Japanese market.

Related Article:  The Congress Passes Bill To Monitor The Effect Of Cryptocurrencies On Illicit Sex and Drug Trafficking

Ripple’s Blockchain Competes With SWIFT

That aside, Ripple’s blockchain is competing with SWIFT, a global network for cross border payments. So far, about 250 companies across the world have adopted the company’s platform to process international payments. Nonetheless, SWIFT has a comeback, and it is with its global payments innovation (GPI) system. The latter is rumored to be fast and allows a bank to monitor or stop a processing payment as they move across borders.

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