The creators of any new technology always wish that it can gain acceptance in a major economy. That’s because, such economies always have the most impact on the adoption of new technologies, before they spread to the rest of the world. In the case of ripple, their technology seems to have found favor in Japan. Japan is the 3rd largest economy in the world and arguably the most technologically advanced on the planet. As such, when ripple’s technologies find favor in this economy, it is a big deal.
Last week, Japan’s ministry of finance approved MoneyTap, a system that will pretty much eliminate cash in the Japanese economy. MoneyTap is a system developed in a joint venture between ripple and SBI holdings and will allow for free real-time cash transfers between users in Japan. It is being implemented in conjunction with 3 mid-level banks in the country. These are banks that have a direct impact on people’s everyday lives and will create more visibility of ripple technologies in Japan. This is a big deal and will play a huge role in the adoption of XRP going into the future.
It is also noteworthy that SBI is one of the platforms that announced that it will be going live with XRapid. SBI through its consortium has an influence over close to 80% of the Japanese banking industry. This means that a good chunk of the banking industry in Japan will be going live with XRapid and start using XRP in cross-border payments.
This is a big deal because the Japanese banking industry has a huge influence over banks all over the world, especially in the South East region. Billions of dollars flow every year flow from Japan into SE Asia worker through remittances. This means that once the Japanese banking industry goes live with XRapid, banks in the greater Asian region will also start using ripple for cross-border payments.
On top of that, Japan happens to be one of America’s closest allies and trading partners. This means that once Japanese banks go live with XRapid, it will have an influence on the other Japanese allies including the United States to do the same. That’s because most banks in the U.S and other western economies also have strong ties with the Japanese banking industry. Besides, in the interest of harmonized business, regulators in other major economies will find it prudent to approve of XRapid as well. In essence, Japan could be where the XRP revolution begins and spreads to the rest of the world.
For XRP (XRP) investors, all this strengthens the case for holding XRP more than ever before. That’s because all this takes XRP closer to becoming the standard for cross-border payments. This is equivalent to gaining dominance in a multi-trillion dollar market. As it begins to take shape, the value of XRP will skyrocket. Even the $589 value that has become the target value for most XRP investors suddenly becomes quite attainable. Whatever value XRP hits in the future, one thing is certain, it has a bright future ahead of it.