Ripple’s XRP ledger system plays a significant role in trade talks between India and the UAE, as they complete their first crude oil transaction using local currencies, bypassing the US dollar. The deal integrates with CryptoTradingFund (CTF), allowing customers to earn CTF tokens as cashback. This partnership with the Dubai International Financial Centre (DIFC) aims to accelerate blockchain and digital asset innovation in the UAE.
India and the UAE, strong supporters of the BRICS mission to ditch the US dollar, have struck multiple deals together. This oil transaction is significant not only because it’s fully USD-free but also because it’s integrated with the XRP Ledger system. The deal sets the stage for a multi-currency world, opening avenues for different currency usage beyond the US dollar.
This development has implications not just for India and the UAE but for all BRICS nations. As the BRICS summit approaches, this success story may become a key talking point, highlighting the potential of blockchain technology to reduce transfer costs associated with USD transactions.
Source: https://watcher.guru/news/brics-india-uae-use-xrp-in-trade-to-ditch-the-us-dollar