BRICS Bank Focusing On Blockchain Technology

On July 26, 2018, during the 10th international BRICS conclave, five major banks from each BRICS member state entered in a joint collaboration on inclusive growth after signing the MOU of research on DLT and blockchain technology in the context of the development of the digital economy at Johannesburg, South Africa.

Since 2009, the BRICS Countries: State Corporation Vnesheconombank, Banco Nacional de Desenvolvimento Econômico e Social-BNDES, Export-Import Bank of India (Exim Bank), China Development Bank (CDB), and Development Bank of Southern Africa Limited (DBSA) being an independent international organisation follows this practice of meeting regularly formally in an annual consortium in order to encourage and converse the development in economic, cultural, and political cooperation schemes amongst state representatives.

The agenda of these emerging economies: Brazil, Russia, India, China and South Africa apart from sharing prosperity in the 4th industrial revolution phase is comprehensive growth which will make the nations strong industrially and economically. The BRICS members are also known for their significant influence on regional affairs and are members of G20.

At the press release, Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank while discussing varied key areas on improving financial cooperation between the nations, developing credit card financing tools for national currencies and implementation of innovations, said:

“This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments. The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization.”

Although, when the banks expect to begin the research project and other particulars about the research, not available yet.

The Vnesheconombank and China Development Bank plays a strong role and are mainly responsible for the creation of the BRICS Interbank Cooperation Mechanism followed by the member banks in the creation of the New Development Bank.

In 2020, at Chelyabinsk summit, The Vnesheconombank will also be going to chair the two associations: the BRICS Interbank Cooperation Mechanism and Interbank Association of the Shanghai Cooperation Organization.

With the emerging trend of DLT and blockchain technology banks from worldwide started focusing on their up-gradation and improvisation on this development phase of 4th industrial revolution by scrutinizing and acknowledging the variety of use cases like the Reserve Bank of Zimbabwe (RBZ), Bank of America (BoA), Bank of Thailand (BoT) all of them are trying to implement the robust technology to integrate their business processes.

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