The Russia-based bank Vnesheconobank official introduced on Thursday, that the state -owned development banks by members of BRICS plan to analysis blockchain technology and distributed ledger.
According To The Prnewswire Vnesheconombank, the Brazilian Development Bank, the Export-Import Bank of India, the China Development Bank and the Development Bank of Southern Africa signed an agreement to conduct analysis on how they can use blockchain analysis to develop a digital economy system.
National development banks are for the most part entrusted with supporting financial improvement in a country. Brazil, Russia, India, China and South Africa are additionally regularly alluded to as the “BRICS” countries because of their developing economies.
In the Press release, Vnesheconombank 1st deputy chairman Mikhail Poluboyarinov said the BRICS nations’ development banks collaborate “in a range of key areas,” which include improving financial cooperation between the nations and developing credit card financing tools for national currencies.
“This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments. The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”
Last week, Bank of America (BoA) filed a patent for a blockchain-based system that allows for the external validation of data, and the Bank of Thailand (BoT) is considering blockchain tech for cross-border payments and fraud protection.
Image Source – BRICS
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