In this post. India and the UAE made history by using XRP instead of U.S. dollars for oil transactions.
Ripple is partnering with the Dubai International Financial Center to promote blockchain innovation in the UAE.
the BRICS countries are abandoning the U. S. dollar in favor of their own currencies or a new common currency.
India and the UAE just made history with oil trading by completely abandoning the U. S. dollar and opting for #XRP instead. India paid for crude oil from the UAE in its own currency, but the transaction was done through the XRP #Ledger System. The system reportedly rewards users with CryptoTradingFund (CTF) tokens as cashback.
the BRICS countries are leading the movement to abandon the dollar, including the UAE, which has expanded its membership to 2024. The motivation for this is clear.
the U. S. dollar has long been the world's primary currency, but recent geopolitical tensions and sanctions have put many countries on edge.
#Ripple is partnering with the Dubai International Financial Centre (DIFC) to connect a new wave of developers to the DIFC Innovation Hub, the region's largest innovation community with more than 1,000 tech startups. The UAE is one of the most advanced jurisdictions in the world in terms of the regulatory framework that allows licensed companies to offer virtual asset services.
Brad Garlinghouse, CEO of Ripple,
UAE is one of the most advanced jurisdictions in the world in terms of the legal and regulatory framework that allows licensed companies to offer virtual asset services. The company has committed 1 billion XRP to fund the development of a new use case for the #XRP Ledger (XRPL).
How far has dedollarization gone?
For years, the U. S. dollar was the king of global finance, but its throne is beginning to weaken. The U. S. has used the financial system as a weapon to impose sanctions on countries like Russia and Iran.
Read us at: Compass Investments
