India and United Arab Emirates use Ripple for oil deal

The U.S. dollar is considered the currency for international oil trade. However, India and the United Arab Emirates (UAE) are now choosing a different path.

India and the United Arab Emirates (UAE) have settled an oil deal for the first time through Ripple, so reports Cryptopolitan first. Normally, oil deals are handled in U.S. dollars. In this case, however, India paid with Indian rupees and the payment was made through the Ripple network.

The deal follows a announcement that Ripple is now partnering with the DIFC Innovation Hub, based in the UAE. "The UAE is one of the most progressive regions in the world when it comes to creating regulatory clarity for licensed companies offering crypto assets, and to foster an environment in which the next generation of financial innovations can flourish," said Brad Garlinghouse, Chief Executive Officer of Ripple.

Recently, things went well for Ripple. On August 8, the responsible judge imposed the legal dispute between Ripple and the SEC at. The company only had to pay $120 million in fines. Ripple's leadership celebrated the verdict as a victory over the SEC, as the latter had been fined a total of two billion dollars claimed of the company behind the XRP token.

In the past seven days, Ripple's cryptocurrency, XRP, has risen 13 percent.