In April, The WinePress reported that India announced they would be willing to trade in their currency with nations facing a currency crunch and/or looking to circumvent the dollar. The country also pledged to adopt Russia’s banking system to help facilitate cross-border payments.
Now that India and the UAE plan to trade in rupees instead of the dollar, Coingape says ‘India’s strategic move with the UAE sends a strong message. The nation is geared up to diversify its trade tactics, looking beyond the dollar, and it’s more than just business—it’s a geopolitical statement.’
In July, the two nations penned an agreement permitting trade settlements in their native currencies. Consequently, this change eliminates the added layer of dollar conversion, thereby slashing transaction costs.
The July agreement isn’t limited to just currency trade but also incorporates establishing a real-time payment link, bolstering easier cross-border fund transfers. Additionally, cardholders in both nations will soon enjoy the luxury of using their domestic cards interchangeably, thanks to the planned interlinking of India’s RuPay and the UAE’s UAESWITCH.
The crypto outlet wrote
Certified accountant Lena Petrova briefly sums up the move:
AUTHOR COMMENTARY
This is another monumental bellwether that is getting no attention. Once again, on cue, Trump is being indicted again – right when major economic news and events are happening, including the pyroterrorism that has happened in Hawaii recently (more on that in a separate report. ‘Look her, look here, don’t look there!’
U.S. hegemony is ending. It may not happen tomorrow but it is looming and continues to ramp up speed…
He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
Proverbs 22:16
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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