Indian Union Cabinet Governing Body Approves Bank’s Blockchain Research

Indian Government Approves Bank’s Blockchain Research

It looks like India, which has a pretty negative stance toward the cryptocurrency market, might be paying more attention to the blockchain technology and on ways to use it. The India’s Union Cabinet, an executive group that makes decisions in the country and it is comprised by senior government officials and the Prime Minister Narendra Modi, showed interest for the technology.

The institution allowed the nation’s Export-Import Bank (Exim Bank) to use the blockchain technology (also known as distributed ledger)to make research and partnerships with other banks from the BRICS economic block, which is made up of India, Brazil, Russia, China and South Africa.

It is reported that the group has already signed a Memorandum of Understanding with the BRICS Interbank Cooperation Mechanism and the approval from the government has happened later.

The Blockchain Research

At the moment, the research has already begun and the bank is working closely with the Banco Nacional de Desenvolvimento Econômico e Social (BNDES) from Brazil, the China Development Bank, Vnesheconombank from Russia and the Development Bank of South Africa.

One of the main goals of the banks is to enhance the understanding of how the distributed ledger technology can be used in a joint effort to increase the potential of financial operations between the countries involved in the deal.

The hoped outcome for this joint research is that the national banks will make operations in the financial sector more efficient. This can also help India to get closer to its goal of creating a digital economy.

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