India’s Union cabinet has approved a Memorandum of Understanding (Mou) on a collaborative research of Distributed Ledger Technology.
The memorandum of understanding is an initiative of the BRICS bloc (Brazil, Russia, India, China and South Africa collaboration). The initiative is driven under the BRICS interbank cooperation with an aim of understanding the blockchain and finding better technology to enhance the efficiency of the DLT.
According to Cointelegraph the in research will be undertaken by the import-export bank of India and banks from other members of the group of emerging economies, BRICS.
The MoU was proposed during the 10th BRICS Summit in Johannesburg, South Africa which focused mainly on economic development.
Deputy Chairman of and member of the board at Vnesheconombank told Cointelegraph that “the banks have agreed to jointly study DLT, in the interest of the development of the digital economy.