Reports indicate that Japanese banks might start using XRP in the coming days. This development has created a buzz in the crypto community, especially following a statement from popular crypto influencer Amelie.
SBI's Remittance System
A recent post by Amelie on social network X shows details of a proposed remittance system for XRP, involving XRPLedger and Interledger Protocol (ILP). This will allow Japanese banks to perform international payments using XRP as a bridge currency.
SBI and Ripple's Partnership
SBI Group has been actively collaborating with Ripple, having invested in the company in 2016. This partnership led to the development of innovative remittance solutions using XRP. In 2021, SBI launched Japan’s first international remittance service leveraging XRP. In 2023, the company expanded its services to the Philippines, Vietnam, and Indonesia.
Future Applications of Ripple in Japan
SBI Group plans to utilize the XRP Ledger for expanding financial applications, such as issuing NFTs. Japan has established a progressive regulatory environment for cryptocurrencies, which could foster further growth and adoption of XRP.
Should Japanese banks indeed start using XRP, it could significantly strengthen the cryptocurrency's market position. XRP's features, such as speed and low transaction costs, make it an appealing solution for improving international payments.
