- 2020 Olympics are only 18 months away.
- A Consortium of Japanese banks already planning J-coin cryptocurrency in readiness for the games.
- XRP could solve forex problems noted in past Olympic Games.
XRP to the Olympics?
Ken Takahashi has started a petition to the organizing committee of the next Olympics to make XRP the official cryptocurrency of the international sporting event. The Tokyo Olympics 2020 is less than eighteen months away and organizers are burning the midnight oil to ensure everything goes according to the plan.
The 2020 Tokyo Games will officially commence on July 24, 2020, and end on August 9th. There will be a record 339 events in 33 different sports planned for the 17 days of the event. The petition on Change.org seeks to persuade the committee to allow Ripple’s XRP to become the official cryptocurrency during the games.
The petition appreciates that the event presents huge cultural and economic opportunities but the hosting country will not only face infrastructure and transportation challenges alone but payment issues as well. Takahashi notes that tourists in their thousands will flock the country and place a huge demand on the local currency that could lead to long queues at Forex exchanges, as was noted especially in the Beijing and Rio de Janeiro events; made worse by language barriers.
Japan functions on a 70 percent cash-based economy, a figure that exceeds most developed nations where digital transactions are the order of the day but the country has become the largest cryptocurrency exchange market holding at least 50.75 percent market share of the world’s Bitcoin exchange market. The cash transactions are far more expensive in the financial world than digital transactions. Takahashi’s petition reads in part:
“We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem.”
Japan at the Forefront of the Crypto World
Leading banks in Japan foresaw this challenge and already considered creating a digital currency, the J-coin to remove the use of cash as a payment option. The news appeared in the media on September 25, 2018, showing that the initiative had the blessing of the country’s financial regulators for the 2020 Olympics Games in Tokyo to streamline the financial system.
Ripple (XRP) prides itself to be the cryptocurrency that connects banks with other payment service providers laying emphasis on speed and ease of use. The crypto currency’s tagline is “One Frictionless Experience to Send Money Globally, and it is also said to be “the world’s only enterprise blockchain solution for global payments.”
Ripple recently broke out of what looked like a descending trend line and double bottom and a long green candle is seen on its daily time frame. Cryptocurrency experts believe XRP is on its way to reaching new heights and apart from being a good investment opportunity; it could play a significant role in the forthcoming Tokyo Olympics.