Sport is known to bring people together. Combining this spirit of togetherness with a technology that exemplifies trust and transparency such as cryptocurrency, takes sporting to another level. In light of this, the 2020 Olympic is on its way to having a cryptocurrency as its official currency.

Takahashi Proposed the use of XRP to the Olympic Committee

The idea of adopting a cryptocurrency as the official currency for the 2020 Olympic game came from a retired Japanese baseball Player, Ken Takahashi. He started a petition in January with 7,500 signatures set as the goal. Since then the petition has crossed the mark and it is standing at about 8,000+.

Takahashi is of the belief that the influx of people to Japan and their different currencies might put pressure on the YEN. In order to avoid this pressure and make transactions easy and globalized, he proposed that a crypto coin which is actively been used by banks around the globe already should be adopted as the official Olympic currency. As a result of this, the XRP (ripple) was advised.

Proposal Sent

In the proposal sent to the International Olympic Committee, Takahashi stated 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. We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem.”

He further stated that:

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

Cryptocurrency is on Track

With the way the signature is blowing up, it has become quite evident that cryptocurrency is on track with its goals of reaching the mainstream audience as soon as possible.

The adoption of the cryptocurrency by the Olympic Committee will not only be solving the foreign currency exchange impact on the YEN. It would also make transacting within the country easily and straightforward for foreigners.