Takeshi Fujimaki, an former banker turned politician and a representative of one of the largest opposition political party Nippon Ishin, expressed his views on the future of cryptocurrencies, especially about XRP and Ripple’s developments, in a recent twitter thread.
The lawmaker sent out a barrage of tweets on how cryptocurrency-related experiments are being conducted all over the world to improve the current payment/financial systems.
Referring to the XRP network topology map, Fujimaki mentioned how the XRP nodes are spread throughout the world and raised a concern that technology is advancing rapidly and that Japan should get involved in it as soon as possible.
“The latest cryptographic asset-related technology has come so far. If we do not get involved in such advanced fields, Japan will be lagging… saying “Japan’s technology is amazing” and Japan celebrating cash settlements is going to be left in the world more and more…”
Fujimaki continued by saying that the number of nodes in Japan was low when compared to other countries in the world and that Japan is still a hundred years behind and is still in the “paper society politics”.
“If the use of this XRP is representative of the use of cryptographic currency, then from this map it turns out that there is a possibility that the cryptographic currency will develop explosively in the future.”
Fujimaki added that cryptocurrencies like XRP along with Ripple’s technology would be really beneficial for developing countries and in countries where people do not have bank accounts and do not believe in the credibility of the country.
Moreover, Fujimaki mentioned how Bill Gates Foundation’s Mojaloop, a software that uses Ripple’s interledger protocol, was deployed in Kenya in January 2018.
Fujimaki ended his tweet by saying that other countries in the world were already experimenting to develop a solution by inculcating XRP and other cryptocurrencies in their payment solution advancements, but Japan was lagging behind in such experiments.
Goldmax, a Twitter user, commented:
“I would like a lawmaker to make the government understand the necessity of the crypto currency without mentioning XPR or XRP or peculiar encryption currency.”
Another user, suger_310, commented:
“Now, the Japanese have the highest degree of understanding and expectation for ripple and XRP. Speaking of cryptocurrencies and cryptocurrency, there are a lot of Japanese who believe that there will come a time when it is said to be XRP. But I still do from the whole Japanese. It is time when it is taken up by NHK News, and the recognition is raised at once. Perhaps at that time, it would be more than a thousand yen.”
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SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple
SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— SendFriend (@sendfriendinc) June 23, 2019
Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.
There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.
By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.
Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”
David Lighton had said,
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
A Twitter user @mister_pace, commented,
“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”
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