SBI Africa To Use XRPL If Ripple Wins SEC Case.
SBI Africa has put its dealings with Ripple on hold pending the outcome of Ripple’s case with the US SEC.
SBI Africa is hopeful for a favourable outcome from the Ripple case with the American Securities and Exchange Commission (SEC) as the company pledges to use XRPL.
SBI’s parent company in Japan is one of Ripple’s key partners and the largest stakeholder in Ripple with CEO Yoshitaka Kitao also supporting XRP. However, to continue using XRP in Africa, SBI Africa still depends on Ripple winning the SEC case.
The future of XRP is now in limbo as Ripple and the SEC wait for a court ruling on the cryptocurrency’s market status.
In a series of tweets, Twitter user Crypto Eri (@sentosumosaba) highlighted,
“Mr. Kitao of SBI gave an investor presentation today in Nagoya. On page 164 of 187 pages, it’s stated, #XRP ODL will be examined for utilization in the SBI Motor Africa business model when @Ripple‘s U.S. trial has ended in desired results.”
The US SEC filed a lawsuit against Ripple as the creators of XRP in late December 2020. The case has dragged on till 2022 and is still pending with Ripple and SEC going at each other nonstop.
Ripple is well-known all around the world and has signed agreements to use its XRPL system with numerous financial institutions, governmental organizations, and even central banks.
The multinational corporation, SBI recently expressed interest in adopting the Ledger technology across its platforms. The Ledger employs XRP as its base currency for international transactions so the adoption depends on if Ripple wins prevails in its legal battle with the SEC.
According to reports, the US SEC accuses Ripple of raising more than $1.3 billion unlawfully through the sale of its XRP cryptocurrency tokens. The SEC contends that XRP belongs in the security category rather than the cryptocurrency category.
XRP and Ripple have prospered in areas outside the US where XRP is recognzied as a usable currency with Ripple ramping up recruitment efforts globally.
SBI has put its business with Ripple on hold until the US court deems XRP a cryptocurrency and not a security.