False Reports: India-UAE Oil Deal Not Settled with XRP

Recently, several media outlets announced that India and the UAE had settled an oil transaction using XRP. However, after contacting Ripple executives, it was confirmed that these reports are inaccurate. An investigation by The Crypto Basic revealed that the oil deal between the two countries was conducted using their local currencies, not XRP.

Clarification of the Transaction

The transaction in question utilized the XRP ledger system, which rewards users with CTF tokens as cashback. This led to the misconception that XRP was used as the medium of exchange. However, the actual payment was made in the local currencies of India and the UAE, not in XRP.

Media Misrepresentation

Many crypto media outlets repeated the incorrect information without verifying key facts, such as the date and financial value of the oil deal. The Crypto Basic’s investigation revealed no substantial information about an oil transaction between the UAE and India occurring this month. This misinformation appears to have been pushed to artificially pump the XRP token, as the story was never published by any reputable media outlet.

This deliberate spread of false news underscores the importance of relying on credible sources and verifying information before disseminating it, particularly in the crypto space where market reactions can be highly sensitive.