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Cabinet approves MoU on blockchain technology by Exim Bank

ANI  |  New Delhi [India] 

The chaired by has given its ex-post facto approval for the Memorandum of Understanding (MoU) on collaborative research on distributed ledger and technology in the context of development of digital economy by (Exim Bank) with the participating member banks, under the Interbank Cooperation Mechanism.

Distributed ledger/technology holds potential for solutions to various challenges being faced in the financial sector space of the nations. The MoU intends to enhance understanding of distributed ledger/technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies.

The are Economico e Social (BNDES, of Brazil), Development Bank (CDB), for Development and (Vnesheconombank, of Russia) and Development Bank of (DBSA).

Earlier, the Xiamen declaration signed in on digital economy by the leaders had highlighted the importance of the digital economy and how the BRICS nations could leverage the thriving and dynamic digital economy that will foster global economic development and benefit everyone. Accordingly, the agreement was suggested to be inked by all

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 12 2018. 20:00 IST