Cabinet clears MoU on blockchain by Exim Bank

blockchainUnion cabinet of ministers today approved an agreement on collaborative research on distributed ledger and blockchain for development of digital economy by Exim Bank with the participating member banks under BRICS Interbank Cooperation Mechanism, said an official release.
The Cabinet chaired by Prime Minister Narendra Modi gave the ex-post facto approval for the Memorandum of Understanding (MoU).

Distributed Ledger/Blockchain technology has the capacity to offer solutions to various challenges being faced in the financial sector space of the BRICS nations.

The Xiamen Declaration signed by the BRICS leaders on digital economy in China had highlighted the significance of the digital economy and how the nations could leverage the dynamically growing digital platform to foster global economic development.

Accordingly, the MoU was suggested to be inked by all member banks.
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