The Russia-based Vnesheconobank official announced on Thursday, that the state -owned development banks by members of BRICS plan to research blockchain technology and distributed ledger.

According to the reports, the Vnesheconombank, the Export-Import Bank of India, the Development Bank of Southern Africa, the Brazilian Development Bank and the China Development Bank have signed the agreement at 10th BRICS summit in Johannesburg, South Africa.

Moreover the countries like India, Brazil, Russia and South Africa are commonly referred to as ‘BRICS’ nations. Due to their affluent economics, generally, national development banks are tasked with supporting economic development in a nation.

Back in 2010, the BRICS Interbank Cooperation Mechanism was formed due to the agreements between state export and financial development institutions of the BRICS countries. However, the initial step of mechanism creation was taken by Vnesheconombank and China Development Bank.

The first deputy chairman, member of the board of Vnesheconombank, Mikhail Poluboyarinov said;

“Vnesheconombank works with the development banks of BRICS countries in a range of key areas. Including financial cooperation, developing credit financing in national currencies and implementation of innovations. This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments”.

Further he noted that the agreement at present allows the development banks of BRICS to scrutinize the implementations. However it is of new innovations in finance and banking products.

Since 2009 the BRICS country have met to discuss initiatives for economic, political cooperation and cultural between member states. Although, at the press time, there were no details regarding the research and when the bank may initiate the research project.

What do you have to say about the development banks collaborative research on Blockchain Technology? Let discuss on Twitter.

Image Source: BRICS