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.
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 of technological capacity in emerging countries, corruption, price-gouging of remittances, and other barriers preventing the financial inclusion of many people across the world.
Bitcoin does not need banks to accept it, nor does it need to charge ridiculous fees for remittances. It is a cross-border savings technology allowing users to participate in the global economy without permission.
SBI uses another subsidiary of the financial group known as SBI VCTrade Company, Ltd for the settlement of bitcoin and the other cryptocurrency. This subsidiary complies with anti-money laundering requirements, anti-terrorist financing methods outlined through international standards, and vets business partners and clients alike through a screening process in order to shield its users.
According to SBI’s research cited in the press release, they provide used-car information and accessibility to a host of emerging countries including Tanzania, Kenya, Zambia, and other African countries. The website also has users in Ireland, the Bahamas, and other countries and annually exports over 5,000 vehicles.
SBI stated in the release it “will not stop with SBI Motor Japan’s support for crypto asset settlements.”