Indian Government Approves Bank’s Blockchain Research

Indian Government Approves Bank’s Blockchain Research

The Republic of India is deeply concerned about how this blockchain can use technology.

Union cabinet of India- under the leadership of an executive decision making body composed of senior government officials and Prime Minister Narendra Modi- said that it has been distributed to the country’s Export-Import bank in partnership and blockchain technology will allow to do research. In the BRICS Economic Block, from which India is a member of Brazil, Russia, China and South Africa.

Business Standard report states that the approval is actually a ex-post which means that Exim bank has signed the MOU under BRICS interbank Cooperation Mechanism.

In this way, research has already begun and Banco Nacional de Desenvolvimento Economic e Social from Brazil, China Development Bank, is being organized with Vnesheconom bank from Russia and the Development Bank of South Africa.

In particular, the bank intends to increase the understanding of the account holder/ blockchain technology distributed through joint research efforts to identify  areas related to business operations, where there is a possibility of applications for the purpose of increasing operational capabilities.

According to the Expression, operating in financial sector is more efficient for the result of research.

According to the report, this step will also help India’s Goal of developing the digital economy.

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