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Indian Government Approves Bank Blockchain Research Plan

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Indian Republic of India may be delving into how to use blockchain technology.

According to the Indian Media Financial Express, the Indian Federal Cabinet said it would allow the country’s Export-Import Bank to cooperate with the BRICS Export-Import Bank to conduct distributed ledger and blockchain technology research. BRICS countries include India, Brazil, Russia, China, and South Africa.

This means that the Export-Import Bank has signed a memorandum of understanding under the BRICS inter-bank cooperation mechanism.

Therefore, this research has already begun. India is cooperating with Brazil’s National Economic Bank, China Development Bank, Russia’s Export-Import Bank, and the South African Development Bank.

Specifically, the bank “ intended to strengthen its understanding of distributed ledger/blockchain technology, and through joint research efforts, to determine the application potential of distributed ledgers and blockchains that may have operational efficiencies in their respective business operations. 

The result of this research is to improve operational efficiency in the financial sector.

The report said that the move will also help further promote India’s goal of developing the digital economy.

[su_quote]This article is writing on 13 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]

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