Exim Bank signed a Memorandum of understanding in the framework of inter-bank cooperation of the BRICS countries, after which the document was approved by the Cabinet of Ministers of India (the country’s executive authority).
Recall that in the country there has a ban on crypto operations, and the Central Bank recognized the need for special measures to regulate the local cryptocurrency sector. This decision was taken at the Supreme Court hearings last Friday, a few weeks after the ban on the provision of banking services to cryptocurrency companies.
Now the government is actively studying the blockchain in interstate settlements. If the tests are successful, then the technology will be introduced. And this, in turn, will reduce dependence on the US dollar.
According to Business Standard, the research is carried out by specialists from the National Department of Economic Development of Brazil, the Chinese Development Bank, Vnesheconombank of Russia and the Development Bank of South Africa. The goal is “to improve the understanding of distributed ledger technology to identify certain areas of business operations where a blockchain may have the potential to create applications aimed at improving operational efficiency,” the official statement said.
This step will also help India achieve the goals related to the development of the digital economy.
The first reports that a consortium of state development finance banks in the BRICS countries are planning to explore the technology of blockchain for international transactions and other products appeared in July. Then information about the launch date of the project was not available, but, apparently, it started in late summer.
India, as a country with a high level of development of the IT industry, constantly shows new results on working with blockchain technology. The capital city of the Indian state of Telangana will be a blockchain district. In addition, in September last year, the state authorities of Andhra Pradesh announced the conclusion of an agreement with a company that provides cybersecurity WISeKey to protect the data of Indian citizens using the technology of blockchain. Recently, the Reserve Bank of India has formed a new unit to study new technologies, including blockchain, cryptocurrency, and artificial intelligence.
And India’s crypto exchanges are introducing stablecoins Trueusd (TUSD) and Tether (USDT) in order to minimize the negative consequences of the recently imposed Central Bank ban on working with cryptocurrency