In August 2024, we at CryptoTimes reported that India and the United Arab Emirates (UAE) had successfully carried out their first crude oil trade with local currencies, sidestepping the US dollar.
The news after this, a tweet from one user, @Brett_Crypto_X, said that “Ripple partners with India in a groundbreaking move!” and continued by adding that the XRP Ledger was involved in the system supporting the oil transaction between India and the UAE.
The tweet suggested that Ripple had gone into an official partnership with the Indian government and that its blockchain infrastructure was directly engaged in carrying out the transaction.
But we want to make it absolutely clear that we, at Crypto Time, never said that Ripple has a partnership with India.
Our report didn’t say or imply that Ripple is officially a party in any manner. We exclusively addressed the ascertained fact that India and the UAE had conducted the oil trade using local currencies.
We stated that certain sources asserted that the XRP Ledger could have been utilized in the backend to facilitate the transaction. But there has been no confirmation from the Indian or UAE governments, or Ripple, about forming a partnership nor any such claims made by us.
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