Indian cabinet okays MoU on blockchain research by Exim Bank

By Staff Writer

India’s cabinet headed by Prime Minister Narendra Modi has given a stamp of approval for Exim-Import Bank to collaborate with member banks in BRICS nations to conduct research on the impact of blockchain on digital economy, reported ANI on September 12.

Exim Bank has signed a Memorandum of Understanding on joint research on blockchain with member banks in Brics nations under the so-called BRICS Interbank Cooperation Mechanism, the report said.

The member banks are Banco Nacional de Desenvolvimento Economico e Social (BNDES of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank of Russia) and Development Bank of Southern Africa (DBSA).

As per the Xiamen declaration leaders of BRICS – which includes Brazil, Russia, India, China and South Africa – had highlighted the importance of the digital economy and how the BRICS nations could harness the power of digital technology for inclusive development, the report said.

 

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