Back

Petition Calls XRP As Official Currency At Tokyo Olympics

An idea to officiate Ripple XRP as the digital asset for the upcoming Olympic games has turned into a petition signed by almost 12,000 supporters despite little chance of it succeeding. The petition was initially created and posted online several months prior, however, has been attracting attention recently within the crypto community. The idea started by a Japanese crypto supported named Ken Takahashi who claimed to initially gain 7,500 names prior to submitting it to the IOC. To his surprise, the petition has far exceeded that goal doubling to 15,000 signatures. One thousand additional names have been added to the list in the last 24 hours.


 
Cryptocurrency as a Solution for Chaos Sparked by International Events

The petition consists of a request to the Olympic Committee to officiate Ripple XRP as the 2020 Olympic cryptocurrency. The petition claims that during the games, tourists will flood Japanese currency exchanges as has been the case for previous events that took place in Brazil and China. With obstacles pertaining to language and complex currency rates, tourists and endless lineups will cause further complications. The petition suggests that speedy crypto transactions and the added security provided by the Ripple platform would offer a successful solution to the chaos drawn in by the Olympic games.

The logical arguments presented by the petition have gained a lot of support for such a positive use case for digital assets. For a massive international event that draws in tourists from every corner of the earth, a currency that exists as a global tender seems to make the most sense. In addition, the Olympics issuing a digital asset as their official currency would play a major role in the expansion and mainstream adoption of cryptos overall. Despite the positive and productive points brought up by the petition, it is unlikely that it will become a reality for the next Olympic games.

Control over licenses pertaining to aspects of the event such as the official logo and merchandise created fall under the IOC’s remit. The implications of such a decision on Ripple would surely be significant, however, Ripple Labs, the platform from which XRP is the native token, is yet to respond to the petition or the ideas of which it stands fo

Why Critics Don’t Believe It Will Work

Analysis of the petition point towards the authors intention directed at allowing fans and attendants to purchase Olympic tickets using the XRP token. In this sense, the document was addressed to the wrong organization for the event, as the OCOG is responsible for coordinating the event with both the host location and Olympic committees including issues regarding payments and ticketing.

With the Japan-based Olympics beginning in under two years, the overall agenda for the event has already been completed by 2014. Whether the OCOG or any other specialized authority is responsible for officiating a digital currency, the petition will most likely have no say on the dealings of the event this far along the planning stages regardless of how many signatures it acquires.




1 year ago

Start Weekly Digest

Similar news