A consortium is a development bank that is owned by the state and they intend to research about blockchain technology for international exchanged and different items, Russia-based Vnesheconombank said Thursday.
According to an official statement, Vnesheconombank, the Brazilian Development Bank, the Export-Import Bank of India, the China Development Bank and the Development Bank of Southern Africa signed a contract to conduct research on how they can utilize blockchain research to develop a more advanced digital economy.
National development banks are generally entrusted with supporting economic advancement in a country. Brazil, Russia, India, China and South Africa are also frequently alluded to as the “BRICS” countries because of their rising economies.
In the release, Vnesheconombank first deputy chairman Mikhail Poluboyarinov said the BRICS countries’ development banks work together “in a range of key areas,” which incorporate enhancing financial participation between the countries and creating credit card financing cooperation between national currencies.
The analysis would also look at how to execute any new developments, he 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.”
Insights about research, including when the banks hope to start the research project, were not accessible at press time.