Japan is Leading the Way with Crypto Adoption

In an effort to provide more diverse payment options to consumers worldwide, Honda Motor Co Ltd. (NYSE: HMC) has expanded its payment methods to include cryptocurrencies. 

The company now accepts approximately 46 different cryptocurrencies as forms of payment.

Honda Motors, based in Tokyo, has entered into a partnership with FCF Pay, a blockchain-based payment system, enabling customers to rent or purchase Honda products using various cryptocurrencies, including Ripple (CRYPTO: XRP) and Dogecoin (CRYPTO: DOGE)

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Other accepted cryptocurrencies include Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Binance Coin (CRYPTO: BNB), Shiba Inu (CRYPTO: SHIB), and many more.

Recently, Japan's ruling Liberal Democratic Party's Web3 project team released a white paper outlining proposals aimed at expanding the country's Web3 industry, which coincides with a rising trend of crypto funding for startups in Japan.

Japan is Leading the Way with Crypto Adoption

During a Formula One event in Tokyo, Honda unveiled a limited edition NFT (Non-Fungible Token) in collaboration with Animoca Brands Japan, demonstrating their commitment to embracing the latest trends in digital collectibles and blockchain technology. Honda distributed Honda Key NFTs to fans participating in the Formula One Honda & Red Bull ticket lottery, and event attendees received commemorative NFTs.

Nissan Motor Co Ltd (OTCMKTS: NSANY), another Japanese automaker, has ventured into the Web3 space by filing four U.S. trademarks and testing metaverse auto sales for brands like Infiniti, Nismo, and Nissan through its Japanese unit.

Japanese used car dealer SBI Motor previously embraced cryptocurrencies like Bitcoin as a mode of payment, and Tesla has also accepted Dogecoin for some purchases.

This partnership between Honda and FCF Pay signifies a significant advancement for both the automotive industry and the world of cryptocurrency and demonstrates Honda's dedication to staying at the forefront of digital collectibles and blockchain technology trends. 

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Asia Leads Crypto Adoption

According to the Statista Global Consumer Survey, the trend of crypto adoption remains primarily concentrated outside of Western countries, with consumers in Asia and South America showing the highest propensity to own or use cryptocurrencies in 2022.

Although India and China still hold the title for the world's largest crypto nations, Japan outshone both countries in terms of crypto adoption growth. Statistics reveal that Japan experienced the most significant year-over-year surge in crypto adoption among all surveyed nations, with the user base skyrocketing by a remarkable 117% in Q4 2022, reaching 9.6 million users.

India, the world's largest crypto nation, reported a 49.4% annual increase in crypto adoption, with the number of crypto users surpassing 79 million. China followed closely with 64.5 million crypto users but exhibited a considerably lower annual crypto growth rate of 26.5%.

Even if U.S. regulators maintain a hostile stance on cryptocurrencies, the rest of the world will continue to adopt them as they bring their economies into the 21st century. Don’t get left behind.

Chris Curl

Chris Curl
Editor, Daily Profit Cycle