The Indian Cabinet, Chaired by Prime Minister Modi, has approved a Memorandum of Understanding (MoU) pertaining to “Collaborative Research on Distributed Ledger and Blockchain Technology 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).”
In a release by the Cabinet, officials said Blockchain / Distributed Ledger Technology holds potential for solutions in financial services for BRICS (Brazil, Russia, India, China and South Africa) countries. The intent is to enhance understanding to the tech with joint research.
Overall, this is being viewed as strategic and part of the shift to a digital economy.