Rumour: UAE, India May Use XRP For Oil Trade Amid New Ripple Partnership in Middle East
Unconfirmed reports suggest India and the UAE are using XRP instead of the US dollar for oil traded, potentially challenging the petrodollar system.
Ripple recently achieved somewhat of a win in the legal battle with the SEC and formed a strategic partnership with the UAE’s DIFC Innovation Hub to boost blockchain adoption.
This partnership aims to integrate emerging developers with over 1,000 tech entities, fostering blockchain innovation in early-stage and large traditional institutions.
The rumour mill is working overtime. Unconfirmed reports suggest that India and the United Arab Emirates (UAE) may be ditching the US dollar for XRP. As several news outlets report, the two countries appear to be trading oil with the use of XRP. German crypto outlet BTC-ECHO also reported on the news, posting on X:
Ripple On a Roll in MENA Region
Just a week ago Ripple achieved a partial success in court against the US Securities and Exchange Commission (SEC) in a long-lasting legal battle. The final judgement by Judge Analisa Torres came with a US$125 million (AU$191 million) fine for Ripple, much less than the SEC requested initially, which was over US$1 billion (AU$1.5 billion).
In a real and confirmed development related to the Middle East, Ripple announced a partnership with United Arab-based DIFC Innovation Hub “to accelerate blockchain and digital assets innovation” in the country.
According to the statement, the new partnership between Ripple and the DIFC Innovation Hub aims to boost blockchain.
This collaboration will connect emerging developers to a vibrant ecosystem of over 1,000 tech firms, venture capital firms, and regulators housed within the region’s largest innovation community. It targets both early-stage companies and traditional large institutions, positioning advanced blockchain applications and use cases effectively.
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