India moves ahead to Blockchain!
Cabinet
approves MoU on Collaborative Research on
Distributed Ledger and Block Chain
Technology in the context of
Development of digital economy by Exim Bank under
BRICS Interbank Cooperation Mechanism!
The
Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its
ex-post facto approval for the Memorandum of Understanding (MoU) on
Collaborative Research on in the
context of Development of digital economy by Export-Import Bank of India (Exim
Bank) with the participating member banks, under the BRICS Interbank
Cooperation Mechanism namely Banco Nacional de DesenvolvimentoEconomico 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).
Major Impact:
Distributed
Ledger/Block chain technology holds potential for solutions to various
challenges being faced in the financial sector space of the BRICS nations. 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.
Background:
The
Xiamen Declaration signed in China on digital economy by the BRICS leaders had
highlighted the importance of the digital economy and how the BRICS nations
could leverage the thriving and dynamic digital economy that will foster global
economic development and benefit everyone. Accordingly, a Memorandum of
Understanding (MoU) on Collaborative Research on Distributed Ledger and Block
chain Technology in the Context of the Development of the Digital Economy was
suggested to be inked by all member banks.
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