India and VAE rely on XRP and local currencies in oil trading

Von Kl Redaktion

First oil agreement between India and the VAE with XRP Ledger completed

India and the United Arab Emirates (VAE) recently completed an important oil agreement that represents the remarkable step to avoid the US dollar and instead use local currencies. This transaction was successfully integrated into the XRP Ledger System, which is part of the cryptototrading find (CTF). According to this system, customers can earn CTF-tokens as cashback if they use it.

partnership and innovation in the Middle East

This week Ripple announced an important partnership in the Middle East. Cooperation with the Dubai International Financial Center (DIFC) is intended to accelerate blockchain and digital asset innovations in the VAE area. This cooperation could pave the way for far-reaching use of blockchain technologies and digital currencies in the area of ​​international trade.

Brics and the DEDollarization

India and the VAE are among the active supporters of the BRICS initiative, which aims to replace the US dollar in international trade. Although both countries have already made numerous agreements with each other, this is the first transaction that completely bypasses the US dollar and is integrated in the XRP ledger. In recent years, the BRICS member states have tested various approaches to dedollarization, from the use of local currencies to the consideration of creating a new Brics currency.

a step towards a multi -multalute world

The importance of this oil agreement is not only limited to the countries involved, but could also have far -reaching effects on the global financial ecosystem. The use of the XRP Ledger enables an efficient system that reduces the transmission costs compared to the use of the US dollar. This development could pave the way for increased use of different currencies in international trade.

expectations and discussions on the upcoming BRICS summit

With the upcoming Brics summit, the successful implementation of the XRP Ledger will undoubtedly be a topic of discussion in the trade between India and the VAE. The BRICS countries are open to all the ideas that support DEDOLARITION, and the youngest oil trade could initiate further trade agreements with local currencies using blockchain technology.