Ripple supporters have recently revived an old petition to make XRP the official cryptocurrency of the Winter Olympics games in 2020. The petition was launched over ten months ago and received very little attention until this weekend when it went viral in crypto circles. At time of writing, the petition is quickly nearing its goal of 10,000 signatures.
It is not clear if this petition is aimed at the Olympics advertising committee, or the Ripple team, but the petition’s creator, Ken Takahashi made a compelling case for the use of cryptocurrency at the Olympics. Takahashi writes:
While this global event presents great cultural and economic opportunities, hosting countries also face many challenges concerning infrastructure, transportation and payment systems.
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 Labs’ XRP cryptocurrency would be a great contribution towards solving this problem.
This could be an important use case for cryptocurrency, but Ripple’s point of sale options are still catching up with competitors. Ripple (XRP) has not been as focused on merchant adoption as other cryptocurrencies like Dash (DASH) and Bitcoin Cash (BCH), which may impact their viability as a choice for the Olympic games in 2020.
Ultimately, it will likely take a paid sponsorship for Ripple (XRP), or any other crypto, to be listed as the official currency of the Olympics, and that sponsorship will carry a large price-tag for whoever decides to take it on. International events such as the Olympics undoubtedly offer a unique opportunity for cryptocurrency to make strides towards mass adoption.
Even without an official sponsorship, it is feasible that crypto firms and development teams could offer their services and applications to the merchants and surrounding businesses involved with international events of this nature. Likewise, these types of events could become hotbeds for crypto promotion, as frustrated travelers will be more likely to try a new technology if it will help them avoid long lines at currency exchanges.