Japan's SBI Virtual Currencies Allows BTC, ETH and XRP Inter Crypto Exchange Transfers

This outlet had recently published the subtle shift of crypto focus from the Western to the Eastern economies.

This is primarily due to the lethargy of most western nations towards implementing regulations and the prompt action taken by eastern countries in adopting and ensuring a favorable working clime for the digital assets. In a step towards that, on the 21st of December, SBI Virtual Currencies, a subsidiary of the Strategic Business Innovator [SBI] Group Japan, noted that they will now accept top cryptocurrencies from other virtual currency exchanges.

In an announcement, the Japanese exchange confirmed that Bitcoin [BTC], Ripple [XRP] and Ethereum [ETH] will be accepted now, as of the 21st of December, with an issuing service slated for release shortly. This news has been cheered by all, most notably the XRP community.

Also addressing the clamour for more currency options, the notice says that as of now they are providing virtual currency receipt service for the top cryptos, but added more was to come,

“As for Bitcoin Cash (BCH) among the virtual currencies handled by the Company, it is confirmed that normal operation of the blockchain network can be confirmed with the hard fork, and if there is no obstacle to maintenance of customer assets and transaction with customers We plan to start offering from the time we decide.”

This continues the Japanese firms foray into the world of blockchain. SBIs secondary company was set up to capitalize on the“new value asset management opportunity”, while the holding corporation has been making rounds in the media for its recent partnership with Ripple.

The new association has been forged to allow another of its ancillary firms, SBI Ripple Asia, to work throughout Asia as a gateway for quick and cheap electronic payments. At the time of the announcement its press release had stated

“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” will be properly implemented in the future.”

Recognizing the possibilities offered by implementing blockchain, SBI has energetically forged a working relationship with Ripple to:

“achieve a safe and easy-to-use, non-friction settlement, and through cashless, we will develop new industries and reduce social costs and increase productivity.”

At the same time, the East Asian behemoth is not rushing into anything, ensuring that

“Appropriate implementation of the contract and the disclosure obligations of the participating banks.”

Continues improvements in the regulations and continuous adoption by financial institutions are the most important factors that will ensure the long-term prospects of these digital instruments.

One can only hope that the example set by Japan is replicated all over.

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