A consortium of state-owned unfolding banks plan to research blockchain technology for international transactions and other spin-offs, Russia-based Vnesheconombank said Thursday.
Vnesheconombank, the Brazilian Development Bank, the Export-Import Bank of India, the China Incident Bank and the Development Bank of Southern Africa signed an agreement to attitude research on how they can use blockchain research to develop a digital economy, agreeing to a press release.
National development banks are generally tasked with supporting profitable development in a nation. Brazil, Russia, India, China and South Africa are also oft referred to as the “BRICS” nations due to their emerging economies.
In the release, Vnesheconombank outset deputy chairman Mikhail Poluboyarinov said the BRICS nations’ evolvement banks collaborate “in a range of key areas,” which include improving economic cooperation between the nations and developing credit card financing puppets for national currencies.
The research would also examine how to implement any new alterations, he said.
He added:
“This joint work opens new opportunities for Russian exporters, manipulators of large industrial projects, recipients of investments. The current agreement grants the development banks of BRICS countries to study the applications of innovative technologies in infrastructure cash and bank products optimization.”
Details about the research, including when the banks suppose to begin the research project, were not available at press time.
BRICS buntings image via Shutterstock
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