Cryptocurrencies and blockchain technology is slowly and steadily climbing the ladders of mainstream adoption. While some hope the day soon arrives, some still remain skeptical about the scenario. In a surprising twist of events, a petition that requests Ripple’s XRP to become the official cryptocurrency of Tokyo’s upcoming Olympic event has been gaining a lot of attention recently.
Ken Takahashi, a user on Change.org, a popular petition hosting service, created to a campaign titled “Make XRP the official cryptocurrency of the Tokyo Olympics 2020!” about 10 months ago. At first, the petition did not create more than a few ripples, even the token was nearing its all-time highs. But, over the past few days and weeks, the petition is suddenly gaining notice and fame, the campaign has even crossed over 10,000 bona fide signatures by the time of writing.
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.
Particularly observing that the Ripple Labs, the company behind XRP, is currently exploring a variety of cross-border payment, foreign exchange platforms with Xrp at its core. Xrp sounds like the perfect solution to curb the stress on a country’s fiat and economy during an event as grandeur as Olympic.
XRP raises mixed emotions in the crypto community, some adore it and some hate it. The platform is still in the baby stage and has a long road ahead. To put things in perspective, using XRP for an event as big as the Olympics might not be that great a plan as it is currently lying low in terms of mainstream adoption. Although the Olympics is 2 years away and maybe till then XRP could drastically change its standing in the market and in the eyes of institutional investors.
Read more: World Trade Organization Favors Ripple, Blockchain While Highlighting IOTA, Bitcoin And Ethereum
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
