XRP collaboration announced with India: A Factual Examination
In August 2024, CryptoTimes reported an intriguing development: India and the United Arab Emirates (UAE) executed their inaugural crude oil trade using local currencies, bypassing the US dollar.
Rumors started swirling after a tweet from @Brett_Crypto_X stated, "Ripple partners with India in a game-changing move!" The tweet suggested that Ripple had forged an official partnership with the Indian government and utilized its blockchain infrastructure to carry out the oil transaction between India and the UAE.
However, let's set the record straight – Crypto Times never stated that Ripple has a partnership with India. Our report merely addressed the confirmed fact of the local currency oil trade between India and the UAE.
Furthermore, we didn't claim or imply that Ripple was officially engaged in any manner. We simply noted that certain sources hypothesized the possibility of the XRP Ledger being employed behind the scenes to facilitate the transaction. However, no formal confirmation from the Indian or UAE governments, or Ripple, has been made about a partnership, nor have we made such claims ourselves.
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As for the broader context, there's a multitude of speculation and misinformation surrounding Ripple's alleged involvement in the crude oil trade between India and the UAE. Some sources advocate for a partnership between Ripple Labs, India, and Saudi banks, aiming to integrate XRP into global oil trading. This would imply a direct role for Ripple in facilitating oil transactions using the XRP Ledger[2][3].
However, other reports offer clarification and fact-checking, stating there were no confirmations regarding such a partnership. Instead, they reference the potential use of the XRP Ledger as a possible tool in the backend of these transactions[1].
The bottom line is, while some speculate about a partnership or involvement, there's no official validation from Ripple or the governments involved. The confirmed use of local currencies in the oil trade did take place, but the role of Ripple or the XRP Ledger remains suspiciously vague.
- Despite Brett_Crypto_X's tweet suggesting a partnership between Ripple and India, CryptoTimes never made such a claim.
- The UAE and India executed their initial crude oil trade using local currencies, a move that sparked rumors about Ripple's potential engagement.
- The industry is abuzz with speculation about a possible collaboration between Ripple, India, and Saudi banks to integrate XRP into global oil trading.
- The Arab nations, including the UAE and India, might be using technology like blockchain and Ripple's XRP Ledger in the background of oil transactions.
- As of now, there's no concrete evidence or official confirmation from Ripple or the involved governments about their partnership or the use of XRP in oil trading.
