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India approves BRICS Blockchain research, which aims to “to enhance understanding of distributed ledger/blockchain technology” to explore “where it may have the potential for applications aimed at enhancing the operational efficiencies.”
13 September, – The Republic of India will be reportedly looking into the Blockchain technology in more detail. India’s Union Cabinet is an executive decision-making body that includes senior government officials and is led by Prime Minister Narendra Modi. It stated it would enable Indian Export-Import Bank (Exim Bank) to carry out research on distributed ledger and Blockchain technology.
India Approves BRICS Blockchain Research
It is known that the research is planned to be carried out in partnership with banks from the BRICS economic bloc. BRICS comprises five countries, including Brazil, Russia, India, China, and South Africa.
Noteworthy, this approval from the Indian Union Cabinet comes ex-post facto, as the research has already begun. In addition, Exim Bank has already signed a Memorandum of Understanding (MoU) under the BRICS Interbank Cooperation Mechanism, according to some of the online reports.
The research is being conducted at the moment with the number of BRICS banks. These include the Banco Nacional de Desenvolvimento Economico e Social from Brazil, the China Development Bank, Vnesheconombank from Russia and the Development Bank of South Africa, according to the statement.
BRICS Blockchain Project Purpose
To be more specific, the banks are aiming “to enhance understanding of distributed ledger/blockchain 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.”
The key aim of the research is to make operations in the financial sector more efficient and fast. The study is also expected to help move India’s efforts of developing a digital economy.
According to the official press release following the 10th International BRICS Summit, which took place in Johannesburg, Brazil, Russia, India, China, and South Africa have agreed to join forces to study the DLT technology.
The key purpose of the 10th BRICS Summit was the cooperation regarding the economic development “in the face of the fourth industrial revolution.” The First Deputy Chairman and a Member of the Board at Vnesheconombank, Mikhail Poluboyarinov, has commented on the MoU:
“The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”
RBI Crypto Research Body
Earlier this August, The Reserve Bank of India (RBI) has reportedly set up a new internal unit that is focused on research and regulation of the new emerging technologies. These technologies include Blockchain, cryptocurrency, and artificial intelligence (AI).
While many news outlets have reported this news, the official announcement from the central bank of India is yet to appear. According to a number of online reports, RBI has discreetly moved to form a new unit to explore and oversee innovative technologies via draft guidelines in the future.
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