SBI Motor Japan is now accepting bitcoin and another cryptocurrency in an effort to provide cross-border access to used-cars for unbanked users.
SBI Motor Japan is now accepting bitcoin and another cryptocurrency in an effort to provide cross-border access to used-cars for unbanked users.
- SBI Motor Japan, subsidiary of SBI Holdings, is accepting bitcoin and another cryptocurrency for its cross-border e-commerce site for used cars.
- SBI stated this feature will offer accessibility to a wide range of unbanked users who currently are excluded from the world economy.
- SBI Holdings contains a wide range of companies within the parent group and plans to extend the acceptance of bitcoin and other cryptocurrencies to other subsidiaries.
SBI Motor Japan, a cross-border subsidiary of SBI Holdings specializing in Japanese used-cars through e-commerce, is accepting bitcoin and another cryptocurrency providing accessibility to the unbanked, according to a press release[1].
In the press release, SBI notes a study from the World Bank in 2017 showing 1.7 billion people were unbanked. The vast majority of those who are unbanked reside in emerging countries, such as African countries.
Another study compiled from the Singapore-based cryptocurrency exchange CooCoin was cited in the release which stated Africa witnessed a 15-fold increase in total cryptocurrency transactions. Not only did transactions rise, but the total number of users also increased by a factor of 25 throughout January 2022 from the previous year.
“Crypto asset remittances use the blockchain (distributed ledger), so even if the banking system stops functioning, as long as the Internet is operational, remittances can continue to be used without being affected by the failure of an exchange,” SBI said in the release.
Bitcoin offers a solution to unbanked populations around the world who are limited by the lack
