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India and the UAE Complete First Crude Oil Transaction Using XRP, Bypassing the US Dollar
India and the UAE Complete First Crude Oil Transaction Using XRP, Bypassing the US Dollar
This historic trade is a significant step towards de-dollarization. This approach allowed both countries to use their local currencies while leveraging the speed and efficiency of blockchain technology.
India and the United Arab Emirates (UAE) have completed their first crude oil transaction using XRP, bypassing the US dollar entirely. This historic trade is a significant step towards de-dollarization, a goal pursued by the BRICS alliance, which includes the UAE.
The transaction involved using local currencies and the XRP blockchain, with the possibility of users receiving CTF tokens as cashback rewards. Ripple, the company behind XRP, played a crucial role in enabling this trade.
The UAE's membership in BRICS and its progressive stance on digital assets have contributed to this development. Ripple has also allocated 1 billion XRP to support innovation on the XRP Ledger (XRPL).
This trade marks a broader shift away from the US dollar, with Russia also exploring cryptocurrency for trade due to Western sanctions. Top Russian commodity exporters are using stablecoins like Tether (USDT) to settle cross-border deals.
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