As the crypto campaign is gradually sweeping through all sectors, the sports sector has proven to be no exception. Ken Takahashi, the creator of the Ripple (XRP), a cryptocurrency proposed for use at the 2020 Tokyo Olympics, has campaigned for some time now on the popular hosting site Change.org.
Although the initiative didn’t raise much interest at the earlier stage, the petition has managed to gain more than 9,000 signatures out of the requested 10,000. Takahashi stressed that unlike the other Olympic events in the past, using the XRP as the official currency of the 2020 Tokyo Olympics would help immensely at addressing the challenges associated with logistics.
He even believes that if this digital currency is adopted for the sporting event, there will be a huge reduction of pressure on the Japanese Yen.
Backing his initiative the petition reads;
“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.”
Asides this he mentioned other benefits tourists attending the sporting event would enjoy, from the security provided by Ripple Labs to fast transaction times with almost zero fees.
One of the front leading crypto friendly countries, Japanese Fiat currency Yen accounts for nearly 50 percent of the global cryptocurrency volume, not to mention that crypto exchanges in Japan operate under one of the most liberal regulatory environments in the world.
Though not all is glossy as it seems, as cryptoanalysts have argued that it would be quite hard for any country to replace its official currency with another for such a major sporting event. In fact, Takahashi’s demands have been labeled as controversial, since he wants Ripple to replace Yen as the official currency of the international sporting event, a move that seen as almost an impossible move.
The petition, if adopted by Japan would definitely set improved standards for other host countries for sporting events in the future. If this is followed through the numerous advantages this will bring isn’t just for the attending tourists but the crypto world and the sports sector alike.