The petition to make Ripple the official currency of the 2020 Olympic Games

Could the Tokyo Olympics have Ripple at their core?

by Manoj Sharma for CNR

Blockchain technology and cryptocurrencies are slowly climbing the ladders of mainstream adoption. Still, there’s quite a way to go yet. But in a surprising twist of events, a campaign run by Ken Takahashi to make Ripple’s XRP the official cryptocurrency of Tokyo’s upcoming Olympics event has gained a lot of attention recently.

Ken, a user on Change.org, created a campaign titled “Make XRP the official cryptocurrency of the Tokyo Olympics 2020” about 10 months ago, however; it didn’t garner attention up until these past few weeks. The petition suddenly started to gain notice and fame. At the time of writing this, the campaign has crossed over 10,000 signatures.

Explaining the logic behind the movement, Ken says that while hosting Olympics is considered an ultimate honour, it does take a subsequent toll on the infrastructure and economy of the host country. Brazil’s Rio Olympic Games in 2016 saw the country spending a lot of money to ensure a spectacular show. Takahashi added that the issue is more with the fluctuating exchange rates due to the influx of buyers.

He said that “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”

“Seeing that the company behind XRP, the Ripple Labs, has produced a wide variety of cross-border payments that have XRP at their core, it makes sense that many crypto proponents would want to see it used to curb the stress on the economy of a country during an Olympic event”, he added.

XRP raises mixed emotions among the crypto community, some hate it and some love it. But, the asset is still in the early stages and has yet to gain traction in the mainstream. It might be a bit premature to use XRP for an event as big as the Olympics. Then again, the Olympics is two years away, so who knows what could change during the time…

Image: BigStock

 

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