The International Olympic Committee (IOC) might soon sit up to take notice, as a petition to approve Ripple (XRP) as the Official cryptocurrency for the coming Tokyo 2020 Summer Olympics has already exceeded 7,500 signatures.
Ken Takashi, the creator of the XRP petition, is keen to ensure the next Olympics scheduled for Tokyo is without its notorious headaches while ensuring that XRP gets a boost into mainstream adoption. Takahashi believes the XRP has the potential to solve the recurring logistical problems that seem to rear their heads up during big international sporting events, especially in the aspect of foreign exchange.
The fiat currency, Japanese Yen, might suffer the same fate of pressure and stress as other currencies of past host countries if it is the only accepted tender for transactions. This happened in China in 2008, and repeated itself likewise in Brazil two years ago; this is why Takashi is motivated to find a solution. Part of the petition is highlighted below:
“As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem. We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a significant contribution towards solving this problem.”
The Numbers are Increasing
With a total of 8,286 signatures as of press time, the petition has finally begun to gain the attention it deserves. While the petition has been created by Takashi since the beginning of the year, it has only just started to gain traction.
It is fair to assume the recent positive developments in Japan surrounding Ripple’s new blockchain remittance app, MoneyTap, launched in collaboration with SBI Holdings, have influenced people’s awareness towards cryptocurrencies and XRP especially.
The appeal of XRP, especially on a platform like MoneyTap is its fast transaction time which is set to boost its chances to be used in the real world, especially in an event where microtransactions would be significant and ubiquitous.
The petition continues to gain grounds: between Saturday (October 6, 2018) and Sunday (October 7, 2018) alone, Takahashi’s petition has gained additional 1,000 signatures, and it doesn’t look to stop there.