XRP, which is majority-owned by blockchain startup Ripple, could be the official currency of the 2020 Olympics. An online petition is mobilizing people in the crypto community to vote for the third-biggest cryptocurrency to be used during the forthcoming Olympics in Tokyo.
The 2020 Olympics will be held in Tokyo in less than two years. The competition features thousands of athletes from diverse countries who participate in many sports competitions. Thus, every two years a country hosts the games, attracting millions of tourists who visit the host country of the games. Crypto enthusiasts are seizing the opportunity and want XRP to be the official currency of the games.
The petition, which has been posted on the internet, has already collected more than 7,500 signatures of people in favor of XRP. The document is being hosted at Change.org. Therefore, after this number increases, the petition will be submitted to the International Olympic Committee, which boasts the power to decide on XRP being declared the official currency of the 2020 Olympics.
XRP could become more popular by being widely used during the 2020 Olympics. Thousands of people who have never used cryptocurrencies could have their first contact through XRP. If the petition achieves a sufficient number of signatures, XRP could be the first cryptocurrency to be adopted by such an important event as the 2020 Olympics.
Events like the 2020 Olympics move millions of dollars across a range of industries. Tourism is the sector that wins the most from events of this type, leading thousands of tourists to travel through the countries hosting these competitions. Also, huge currency conversions at an agreed upon exchange rate are also generated with thousands of tourists arriving in a different country.
This exchange was seen in the last two Olympics as a real failure. In 2016, Brazil hosted the Olympics and huge queues of tourists wanting to convert their currency for Brazilian real were formed at various places. Nonetheless, the same problem happened in Beijing, which hosted the Olympics in 2008. However, XRP could end the exchange problem between currencies during the Olympics.
Every tourist could invest in XRP through the internet, long before the trip, and enjoy more convenience in the country where the games take place. This is the thinking behind the petition that was created in favor of XRP becoming the official currency of the 2020 Olympics.