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India Just Approved Blockchain Research by BRICS Banks

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India blockchain

India’s Union Cabinet just approved a memorandum of understanding (MoU) on a joint research on distributed ledger and blockchain technology.

It will allow the Export-Import Bank of India and other BRICS member states to conduct research because they want to develop a digital economy.

Even they understand that distributed Ledger/Blockchain technology holds immense potential for solutions in the financial space.

“The MoU intends to enhance understanding of Distributed Ledger/Block Chain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies,” according to the release.

Research has Already Begun

In fact, research is being conducted with Russian development bank Vnesheconombank, the Brazilian Development Bank, the China Development Bank and the Development Bank of Southern Africa.

According to Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank:

“This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments,” said Poluboyarinov. “The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”

India Not Interested in Cryptocurrencies

India Finance Minister Arun Jaitley said that the government was open to exploring blockchain applications. However, he ruled out any future for cryptocurrencies in India’s economy.

“The government will take all measures to eliminate the use of crypto assets in financing illegitimate activities,” Jaitley said. “The Government will also explore the use of blockchain technology for ushering in the digital economy.”

 

 

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