It has been more than 10 months Ken Takahashi commenced an online petition to make XRP the official cryptocurrency of the forthcoming Tokyo Olympic Games. The former Japanese professional baseball player had started his online petition through Change.org and currently, it (his petition) has already crossed 5,500 supporters’ signatures. The goal is to reach 7,500 signatures.
Once the petition was created by the 49-year-old Takahashi, it achieved an average of 500 signatures with relative speed. Then the number quickly jumped to 1,000 in just less than 72 hours. Consequently, the accumulation of supporters’ signatures started augmenting and crossed 1,500 in less than a day.
Apart from various reasons why Takahashi gave a thought to create a petition in making XRP the official cryptocurrency of the upcoming Tokyo Olympic Games, the main cause is to solve the logistical issues that would blow up with the arrival of several visitors from various parts of the world. The demand for local currencies was observed skyrocketing in the previous events 2016’s Rio de Janeiro (took place in Brazil) and 2008’s Summer Olympics (took place in Beijing) when the international tourists streamed into the country. On the other hand, since language is a big barrier for the tourists, they get confused with the exchange rates and that’s how the problems become more complicated. This is what he mentioned in his petition through Change.org.
The reason for choosing XRP apart from other digital currencies is its flexibility in cross-border transactions, as reported by CryptoSlate. Recently, Ripple Labs unveiled its exclusive XRapid product to offer a better alternative to SWIFT, the present standard for international transactions. Alternatively, choosing a single digital currency will further promote the convertible process into fiat, and this will reduce congestion and friction for the Olympic tourists coming from various countries.
When XRP-based cryptocurrency transfers were experimented by sending funds between Mexico and the US, the long waiting period got trimmed to minutes and the associated costs were exponentially lower in comparison to sending funds across borders in a conventional way, Bitcoin Exchange Guide noted. Takahashi believes once his petition is approved by the Olympic National Committee, it will surely save the tourists’ money on exchange fees and they can easily access their funds and convert to local currency (Yen).[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]