A petition to convince the International Olympic Committee (IOC) to make XRP the official cryptocurrency of the next Summer Olympics is approximately 500 signatures close to its 10,000 goal, Bitcoinist reported October 7.
Ken Takashi, the creator of the petition, believes that XRP has the potential to solve many logistical problems linked to large international sporting events, especially those that have to do with foreign exchange. Instead of putting colossal pressure on the Japanese Yen, Takashi proposes a system that involves the use of XRP.
Takashi stated in the petition:
As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.
The petition has just gotten started to gain momentum despite being set up ten months ago. This increase concurred with a series of developments announced by Ripple, notably in Japan, with the launch of MoneyTap – Ripple and partner SBI Holdings’ recently-built blockchain remittance platform.
Takashi’s plan aims to replace yen with XRP as the de facto currency of the games. While at the games, people across the globe would only need to use cryptocurrency payment systems to make purchases. And this is where a platform like MoneyTap would perfectly comes in.
The number of signatures on the petition hiked up by more than 1,000 between Saturday (October 6) and Sunday (October 7). The numbers keep adding up from 9,556 at the time of writing this article.
If approved, it could prove a major feat for XRP and Ripple. The third-ranked digital currency has strived for rapid expansion and institution adoption to thrust its utility in real-world transactions. The volume of microtransactions taking place in the games village can considerably result to record levels of liquidity for XRP.
Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.