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- India has completed its first crude oil transaction using local currencies, bypassing the US dollar, as part of a bilateral effort with the UAE to reduce dollar-conversion costs and promote trade in native currencies.
- This transaction is integrated with the XRP Ledger System CryptoTradingFund (CTF), enabling customers to earn CTF tokens as cashback.
In a milestone development, India conducted its first-ever crude oil transaction using local currencies and bypassing the US Dollar. This is part of the larger goal between the two nations to promote trade in native currencies while cutting down on the dollar-conversion costs.
The exciting thing about this trade is that it’s integrated with the XRP Ledger System CryptoTradingFund (CTF), allowing customers to earn cashback in the CTF tokens.
The inclusion of this XRP Ledger system, CTF, gives customers a novel way to benefit from global trade. As a result, customers making either online or offline payments in XRP can earn CTF tokens as rewards. They can use these token rewards to purchase products or convert them into cash, thereby effectively receiving cashback. Moreover, users can continue to hold the CTF tokens in anticipation of future crypto growth.
This transaction between India and UAE is much more than just an oil deal, as it sets the stage for a multi-currency world to thrive while opening up avenues for different currency usage. This could mean a more efficient system using blockchain tech while reducing the transfer costs associated with the USD.
Their partnership is set to grow, with plans to create a real-time payment connection to simplify cross-border money transfers. Additionally, Indian RuPay cardholders will soon be able to use their cards in the UAE, and vice versa, due to an upcoming interlink between RuPay and UAESWITCH.
Ripple’s XRP Ledger – Key Partnerships and Developments
The Ripple President recently announced plans to build an independent XRP Ledger Foundation while rebranding it to the Inclusive Financial Technology Foundation (INFTF), per the CNF report. The Ripple President also echoed the sentiments of the Ripple CTO, who stated that discussions are in progress with different stakeholders, the XRP Ledger Foundation, XRPL Labs, Ripple, and XRPL Commons, over this new development.
Earlier this week, Ripple announced its plans to collaborate with the DIFC Innovation Hub to accelerate crypto and blockchain innovation in the UAE, reported CNF. This partnership will also promote crypto and blockchain adoption among early-stage and scale-up firms. It will also introduce and position the technology with major traditional institutions and their use cases.
With the upcoming BRICS summit ahead, discussions around currency policies have been gaining momentum. Anil Sooklal, South Africa’s BRICS ambassador, highlighted the alliance’s emphasis on promoting local currencies rather than advocating for de-dollarization, per the CNF report. The upcoming summit in Johannesburg is anticipated to reveal policies with substantial global impact.