Recent reports suggest that India and the UAE may have made history by completing a crude oil transaction using the XRP Ledger, bypassing the US dollar entirely. According to crypto media outlets, India paid for oil from the UAE in local currencies, with the transaction facilitated through Ripple’s blockchain technology. This move aligns with the BRICS nations’ ongoing push to reduce reliance on the US dollar in favor of local currencies or a potential new shared currency.
The deal, though yet to be officially confirmed, has sparked significant interest as the UAE recently joined BRICS in its 2024 membership expansion. The BRICS bloc, including major economies like India, China, and Russia, has been increasingly focused on economic independence and de-dollarization amid rising geopolitical tensions and sanctions.
Ripple’s involvement in the UAE has been expanding as well. The company partnered with the Dubai International Financial Centre (DIFC) to drive blockchain innovation by connecting developers with the DIFC Innovation Hub, the region’s largest tech community. Ripple has also committed one billion XRP to fund new projects on its XRP Ledger, further embedding itself in the region’s financial ecosystem.
This development could signal a major shift in global trade dynamics, reflecting broader trends within BRICS to explore alternatives to the US dollar. With the UAE and India reportedly adopting blockchain solutions like XRP for high-profile transactions, the momentum toward de-dollarization seems to be accelerating, though the creation of a unified BRICS currency remains a complex and distant goal.
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