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India Approves MOU On Exim Bank's Joint Blockchain Research With BRICS Banks

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The Indian Government has approved a research collaboration by the Export-Import Bank or Exim Bank on distributed ledger and blockchain technology in partnership with other BRICS banks. The move comes amid the nations' efforts to develop the digital economy.

Exim Bank, which promotes India's international trade, expects that the joint research would provide a better understanding of the technology. The research is expected to identify areas within respective business operations for potential applications to enhance the operational efficiency.

Distributed ledger/blockchain technology is considered to hold great potential to find solutions to many challenges faced in the financial industry by BRICS nations, which comprises Brazil, Russia, India, China and South Africa.

The member banks in the joint research include Banco Nacional de Desenvolvimento Economico e Social or BNDES of Brazil, China Development Bank, State Corporation Bank for Development and Foreign Economic Affairs or Vnesheconombank, of Russia and Development Bank of Southern Africa.

BRICS leaders signed the Xiamen declaration on digital economy in China, which had highlighted the importance of the digital economy and how the BRICS nations could utilize it to boost global economic development.

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