Development banks of the BRICS countries launch a joint study of the blockchain

A consortium of public banks in the financing of the development of BRICS countries is planning to investigate the technology of the blockchain for international transactions and other products, said Thursday the representatives of Vnesheconombank.

In accordance with the press release, the Bank, the Brazilian development Bank, Export-import Bank of India China development Bank and the development Bank of South Africa signed an agreement to conduct studies to examine the use of the blockchain for the development of the digital economy.

In a press release the first Deputy Chairman of Vnesheconombank Mikhail Poluboyarinov said that the development banks of BRICS collaborating «on a number of key areas», including to improve financial cooperation among countries and the development of funding mechanisms credit cards for national currencies. According to him, the study will also address the question of how to implement any innovation. He added:

«This collaboration opens up new opportunities for Russian exporters, operators of major industrial projects and recipients of investment. The current agreement allows development banks of BRICS countries to explore the use of innovative technologies for infrastructure optimization and banking products.»

For more information about the research project, including about when it will start, is not yet available.

Recently it became known that the head of the center blockchain competences and digital transformation of Vnesheconombank Vladimir Demin and Grozny mayor Ibragim Zakiev has announced the launch of two pilot blockchain projects: managing utility services and rental of municipal property.

In addition, in April it was announced that Vnesheconombank, the Australian company Blockchain Global Limited (BGL) and the Hong Kong Diginex will develop technology in the Pacific region.

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