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Latest Blockchain News: Indian Government Consents Blockchain Research With BRICS Nations

The latest blockchain news has certainly uplifted the market to a large extent. The big breaking news has come for The Union Cabinet of India which has approved a Memorandum of Understanding (MoU) on the collaborative research of the encryption based technology. It is one of the major government decision-making bodies in India led by Prime Minister, Narendra Modi. The Modi government has been supporting the adoption and acceptance of blockchain on the national level which triggered several projects in various states already.

According to Coin Telegraph, it is stated that this MOU is a joint initiative within the BRICS Interbank Cooperation Mechanism which aims for an efficient understanding of distributed ledger technology and identifying areas where it can implement in future to improve functional efficiency.

The participants of this research are Banco Nacional de Desenvolvimento Economico e Social (BNDES, Brazil), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, Russia), China Development Bank (CDB), Export-Import Bank of India (Exim Bank) and Development Bank of Southern Africa (DBSA).

The idea was first proposed at the 10th International BRICS Summit held in Johannesburg earlier this year which focused on the cooperation in economic development towards the fourth industrial revolution. Later in which banks agreed to study distributed ledger technology together towards the interest in the progression of digital currency. Certainly, this has come out to be the one of most prominent blockchain news.

Blockchain Research Already Begun

The updated blockchain news revealed that the research has already begun with development banks of Russia, Brazil, South Afric, and China. First Deputy Chairman and a Member of the Board at Vnesheconombank, Mikhail Poluboyarinov stated that the present agreement permits the development banks of BRICS to study and analyze the applications of ground-breaking technologies in bank products and finance. (Via Bitt Press)

The Indian government is open to exploring blockchain sans crypto trade and has already started implementing projects in various states.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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