India and UAE May Be Ditching the US Dollar for XRP to Trade Oil, Rumours Suggest

Unconfirmed reports suggest that India and the United Arab Emirates (UAE) may be ditching the US dollar for XRP. As several news outlets report

Unconfirmed reports have surfaced, suggesting that India and the United Arab Emirates (UAE) may be using XRP to trade oil, according to several news outlets. German crypto outlet BTC-ECHO also reported on the news, posting on X:

“India and the United Arab Emirates are reportedly using XRP to trade oil, according to several news outlets. The two countries are said to be using the XRP Ledger (XRPL) to facilitate the trades, which are said to be generating significant revenue for both parties.

“The rumour mill is working overtime. Unconfirmed reports suggest that India and the United Arab Emirates (UAE) may be ditching the US dollar for XRP. As several news outlets report, the two countries appear to be trading oil with the use of XRP.

“According to Watcher Guru, the trading is enabled by the "XRP Ledger System CryptoTradingFund (CTF)," which allows participating parties to earn CFT tokens when using the system. Cryptopolitan further adds that the "transaction was run through the XRP Ledger System" and both parties paid with their respective currencies at their end.”

This development, if confirmed, would be significant, considering that the US dollar has been the primary currency for trading oil since the 1970s. This arrangement, known as the petrodollar system, has been a cornerstone of US economic dominance globally.

In recent years, there have been increasing rumours online about a shift away from USD trade, particularly among BRICS nations. Notably, Russia recently legalised crypto mining and trading with a law signed by Putin last week.

Ripple's Success in the Middle East

In other related news, Ripple recently achieved a partial victory in court against the US Securities and Exchange Commission (SEC) in a prolonged legal battle. The final judgment by Judge Analisa Torres imposed a fine of US$125 million on Ripple, significantly lower than the US$1 billion initially requested by the SEC.

Moreover, in a confirmed development concerning the Middle East, Ripple announced a partnership with United Arab-based DIFC Innovation Hub "to accelerate blockchain and digital assets innovation" in the country.

"The new partnership between Ripple and the DIFC Innovation Hub aims to boost blockchain and crypto adoption, according to the statement.

"This collaboration will connect emerging builders to a thriving ecosystem of 1,000+ tech firms, venture capital funds and regulators within the region’s largest innovation community, targeting both early-stage companies and traditional large institutions to position advanced blockchain applications and use cases effectively."

Brad Garlinghouse, Ripple's Chief Executive Officer, expressed his enthusiasm for this development, stating: