- Unconfirmed reports suggest India and the UAE are using XRP instead of the US dollar for oil traded, potentially challenging the petrodollar system.
- This partnership aims to integrate emerging developers with over 1,000 tech entities, fostering blockchain innovation in early-stage and large traditional institutions.
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. German crypto outlet BTC-ECHO also reported on the news, posting on X:
Watcher Guru wrote that trading works with the “XRP Ledger System CryptoTradingFund (CTF)” enabling participating sides to earn so-called CFT tokens when using the system.
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Cryptopolitan also stated that the “transaction was run through the XRP Ledger System” and both parties paid with their respective currencies at their end.
This is highly speculative but if confirmed, the development would be significant. The US dollar has been the predominant means of trading oil since the 1970s – the arrangement is widely known as the petrodollar system and is one of the reasons for US economic dominance on the world stage.
For a while there have been rumours online about a move away from the USD trade, especially among BRICS nations. Recently Russia has moved to make crypto mining and trading legal with a law signed by Putin last week.
Ripple On a Roll in MENA Region
Just a week ago Ripple achieved a partial success in court against the US Securities and Exchange Commission (SEC) in a long-lasting legal battle. The final judgement by Judge Analisa Torres came with a US$125 million (AU$191 million) fine for Ripple, much less than the SEC requested initially, which was over US$1 billion (AU$1.5 billion).
In a real and confirmed development related to the Middle East, Ripple announced a partnership with United Arab-based DIFC Innovation Hub “to accelerate blockchain and digital assets innovation” in the country.
According to the statement, the new partnership between Ripple and the DIFC Innovation Hub aims to boost blockchain and crypto adoption.
This collaboration will connect emerging developers to a vibrant ecosystem of over 1,000 tech firms, venture capital firms, and regulators housed within the region’s largest innovation community. It targets both early-stage companies and traditional large institutions, positioning advanced blockchain applications and use cases effectively.
Related: Circle CEO Says iPhone Users Will Soon Be Able to Use USDC For Payments
Brad Garlinghouse, Ripple’s Chief Executive Officer, was naturally pleased with the development and said:
The UAE is one of the most advanced jurisdictions globally when it comes to offering regulatory clarity for licensed firms to offer virtual asset services and fostering an environment in which the next generation of financial innovation can flourish. Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.
Brad Garlinghouse, Ripple CEO
Source:
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