Dollar Suffers As UAE/India Oil Deals Is Conducted With BTC

Latest update on BRICS says that India and the United Arab Emirates (UAE) have continued executing major transactions without relying on the USD. PRO-BRICS economic experts say this is a noteworthy development, thus reflecting a transition away from the U.S. dollar’s historical dominance in international trade.

The latest update from India says there has been an export of 1 million barrels of crude oil from the UAE to India, with the price paid in rupees, and a part with the BTC rather than dollars. This action is explained as one of the conscious attempts to avoid the conventional reliance on the U.S. dollar in the international oil trade.

Analysis by James Gathecha on the Crypto News Flesh platform says there are implications for this new transaction system between the two countries. James says that it will lessen India’s exposure to currency volatility and exchange rate concerns by allowing it to secure a key energy resource without requiring foreign exchange conversion. The UAE is able to diversify its currency holdings and investigate alternate payment options at the same time.

Aside from Oil Deals, India/UAE Works on Other Non-Dollar Deals

In another development, India and the UAE work together on innovative deals that strengthen their expanding economic relationship. Information has it that there has been another transaction, which saw the UAE sell 25 kilograms of gold to India for  128.4 million rupees (representing $1.54 million).

This deal has demonstrated the adaptability of this new trading partnership and its capacity to include a range of commodities. It is observed that traditional assets are not the only ones affected by these changes; digital assets, like Bitcoin (BTC), have also been incorporated.

James added that Bitcoin’s function as a borderless digital currency makes cross-border payments quick and easy, and it is the more reason these two countries continued looking for trade and investment opportunities using this method.

India’s central bank has designed an international trade guideline that will greatly benefit the rupee by declining the influence of the United States dollar. This strategic financial move can collaborate with India’s original intention of disassociating itself from Western influence. It has also been certified that India is working on completely discontinuing the idea of using the Dollar as their primary means of reserve currency.

BRICS Countries Move To Collectively Boycott The Dollar, Embrace Cryptocurrency

India’s active involvement in BRICS has allowed it to diversify its trade relationships and avoid its long-standing reliance on the U.S. dollar. On the other hand, China and Russia have also made the list of countries leading in the “de-dollarization” campaign, adopting the use of cryptocurrency and local currencies in conducting their trades.

Further investigation revealed that the relationship between the UAE and India has intensified since 2022, with most of their trades transacted in Chinese Yuan. China is also said to be on a journey of surpassing the United States economy as the world’s biggest economy, with the de-dollarization program leading the plan.

Meanwhile, according to data from The Economic Times platform, the BTC has been on the right path in the recent cryptocurrency market, increasing by 10% in trading volume in the last 24 hours. According to the CEO of Mudrex, Eduel Patel, the price increase is linked to the Federal Reserve’s meeting on Wednesday, 20th of September, as traders had a firm believe it will end on a positive note.