As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I can confidently say that the recent crude oil transaction between India and the UAE using local currencies and blockchain technology is more than just a headline for me – it’s a game-changer.
India and the United Arab Emirates (UAE) have successfully carried out their first oil trade using their local currencies instead of the US dollar, thanks to the integration of the XRP Ledger System’s CryptoTradingFund (CTF). This blockchain-based platform streamlines trading operations and promotes financial efficiency.
As a seasoned global economist with extensive experience in international finance, I’ve witnessed the dominance of the US dollar in global trade for decades. However, the recent shift towards using local currencies and blockchain technology among BRICS countries marks a significant change that I can’t ignore.
Embracing the XRP Ledger within our transactions signifies a tactical advancement in fintech, introducing an innovative approach. This system introduces an additional financial reward and optimization for trades, enabling participants to gain CTF tokens as a form of cashback incentive.
Ripple, the company responsible for the XRP Ledger, has strengthened its presence in the United Arab Emirates by entering into a significant partnership with the Dubai International Financial Centre (DIFC).
Via this alliance, the United Arab Emirates (UAE) is set to become a significant center for the advancement of financial technology, fostering creativity in blockchain and digital assets within the region. The UAE might accelerate its adoption of blockchain technologies due to its collaboration with DIFC, potentially setting an example that other BRICS countries could emulate.
As someone who has spent years working in global finance, I have witnessed firsthand the challenges and limitations posed by the reliance on conventional currencies like the US dollar for international trade. The current system is cumbersome, expensive, and prone to political volatility. That’s why I am excited about this new trade arrangement that represents a significant shift towards a multi-currency future, one in which blockchain technology plays a critical role in reducing dependence on traditional currencies.
As the BRICS summit nears, there’s a strong possibility that the topic of de-dollarization and the application of cutting-edge technology towards this aim will garner significant attention, underscoring the bloc’s dedication in this area.
In this scenario, incorporating the XRP Ledger underscores the increasing role of blockchain technology in redefining the structure of international commerce and financial infrastructure.
Read More
Sorry. No data so far.
2024-08-14 23:19