A recent report by a crypto market expert from Hong Kong’s City University highlights why XRP is the most popular digital asset in Japan.
Crypto expert Burina Fujiwara, a bachelor from City University of Hong Kong, recently published a report discussing the state of crypto in Japan. According to the report Japan has emerged as a crypto power house in recent times because of the regulatory framework the country has been able to build under the Payment Services Act and (PSA) and Financial Instrument and Exchange Act (FIEA).
The report noted that countries could use Japan as the precedent with regards to how the crypto market should be dealt with.
The report further stated that the data shows Ripple’s native XRP is the most popular cryptocurrency in Japan. In Feb 2022, 1.36 billion XRP tokens were traded in Japan. In comparison 186 thousand Bitcoins were traded in the meantime.
One of the reasons for XRP’s popularity in Japan is that it serves as the intermediary asset between the currencies. In Japan’s case it is of particular importance as the country has a large number of foreign works, sending hundreds of billions to their home territories.
The reports also stated that Ripple’s partnership with Japan’s SBI Group has also helped XRP make its place in the country’s crypto space. According to the report, the SBI had invested 300 million in Ripple, back in 2017.
A BITMAX poll was also cited in the report according to which XRP was favoured by 25% of the 1,498 respondents. Falling just just behind Bitcoin which was favoured by 26% of the respondents. Notably, on the third number was ETH, favoured by 9% respondents only.
Moreover, currently trading at $0.49, XRP’s price has remained stagnant over the week.