WhatsNewForex

XRP May Become the Official Currency of the 2020 Olympic Games

In less than two years, Tokyo will host the XXXII Olympic Summer Games. Taking into account the cryptocurrency frenzy, it is no wonder that there are some initiatives for including cryptocurrencies as an official payment method.

The petition

Currently, there is an ongoing petition on Change.org, made by a former Japanese baseball player Ken Takahashi, which has a goal to make XRP the official cryptocurrency of the 2020 Olympic Games.
At the time of writing, it has already collected more that 8,000 signatures.

“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. We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem,” states the petition.

The petition started ten months ago, but it really started to draw attention last month. The recent announcements from Ripple, such as new products and fresh launch of the blockchain remittance app MoneyTap, have probably helped to raise awareness of the Japanese people about cryptocurrencies and their capabilities and benefits.

About Ripple and XRP

The first thing we need to clarify is that Ripple and XRP are not the same thing. Ripple is a payment platform designed to allow seamless transfers of money in any form, be it Yen, Litecoin, USD or others. The idea behind this platform was to enable almost instant global transactions at low cost.

The platform has its own currency called XRP,  but also allows everybody to use the platform to create their own via RippleNet. Ripple released 100 billion XRP tokens, and this amount will never be augmented. Ripple owns 61 billion, and the rest is traded freely on the open market.