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<p>The global economy is undergoing significant changes, and the dynamics of international trade are evolving at a breakneck pace. In this context of profound transformations, one transaction might well upend established certainties: rumors suggest an agreement between India and the United Arab Emirates to conclude an oil transaction circumventing the US dollar, in favor of the crypto XRP. If this information is confirmed, it would be part of a broader dedollarization strategy pursued by BRICS nations, gradually reshaping the contours of the global financial landscape. As geopolitical tensions continue to intensify, this decision could mark the beginning of a new era for international trade.</p>
<h2 id="h-the-first-use-of-xrp-in-oil-trade">The first use of XRP in oil trade?</h2>
<p>This oil transaction between India and the United Arab Emirates, if confirmed, would represent a significant break from traditional international trade practices. By considering the use of <a href="https://www.cointribune.com/en/crypto-markets/xrp-xrp-en/" target="_blank" rel="noopener noreferrer nofollow">crypto XRP</a> instead of the US dollar to settle this transaction, these two nations potentially send a strong signal of their intention to liberate themselves from the hegemony of the greenback. Facilitated by the XRP Ledger system, this operation would represent not just a simple financial transaction but a true act of economic independence. However, it should be noted that these claims have not yet been confirmed by official sources and should be taken with caution.</p>
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<p>This bold choice, if verified, could be part of a broader dedollarization trend, particularly visible within BRICS countries, of which the United Arab Emirates has recently become a member. This transaction, <a href="https://cryptodaily.co.uk/2024/08/indias-oil-transaction-with-uae-using-xrp-ledger-is-this-the-catalyst-for-altcoin-growth" target="_blank" rel="noopener noreferrer nofollow">which would even reward users with CryptoTradingFund (CTF) tokens as cashback</a>, could demonstrate the capacity of blockchain technologies to establish themselves in areas once reserved for sovereign currencies.</p>
<h2 id="towards-increased-dedollarization">Towards increased dedollarization!</h2>
<p>The use of XRP in this historic transaction between India and the United Arab Emirates would fit into a broader context of questioning the dominant role of the US dollar on the international stage. Indeed, for several years, BRICS nations have been actively exploring alternatives to reduce their dependence on the greenback, particularly due to the economic sanctions imposed by the United States on countries like Russia and Iran.</p>
<p>Leaders of BRICS countries, such as Brazilian President Luiz Inácio Lula da Silva, openly criticize the almost exclusive use of the dollar in global trade and advocate for exchanges in local currencies or even the creation of a new common currency. While the idea of such a currency is still in the project stage, it nonetheless reflects a growing desire to break free from American influence. However, the implementation of this change will not be without challenges, and the adoption of cryptos like XRP in international trade raises questions of regulation, stability, and long-term trust.</p>
<p>Nevertheless, if this transaction using XRP between India and the United Arab Emirates were to be confirmed, it would be the prelude to a major reconfiguration of the global economic balance, <a href="https://www.cointribune.com/en/brics-the-us-dollar-is-in-decline-and-the-consequences-could-be-disastrous/" target="_blank" rel="noopener noreferrer nofollow">along with the fact that the dollar is starting to increasingly lose its status</a>. However, in the absence of tangible evidence, this information should be taken with a grain of salt.</p>

BRICS: India and the UAE Reportedly Used the Crypto XRP for a Major Oil Transaction

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Cointribune EN

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