India: Joint blockchain research with BRICS countries

Posted on Thursday , 2018-09-13 , 10:24 PM | Blockchain

The Indian Cabinet, the country's highest legislative body, issued a letter of intent this week on how to proceed with Blockchain. In the future, the government intends to develop a deeper understanding of Blockchain and DLT in close cooperation with the other BRICS countries. At the same time, the future of cryptocurrency trading in India will also be decided.

The Indian government wants to deal more closely with blockchain technology in the future. To this end, the Cabinet has agreed to focus more on transnational cooperation between the BRICS countries in the future. This was reported by local Indian media. The Indian Cabinet is the highest legislative body in the country, consisting of Ministers and Prime Minister Narenda Modi.

A joint initiative of the BRICS states
The letter of intent now envisages joint research within the framework of the BRICS Inter-Bank Cooperation Mechanism. Members of this group include the Export-Import Bank of India (Exim Bank), Banco Nacional de Desenvolvimento Economico e Social (BNDES) of Brazil, China Development Bank (CDB), Russian Vnesheconombank and Development Bank of Southern Africa (DBSA) ). An associate member is the New Development Bank, which was established by the BRICS as an alternative to the World Bank and the International Monetary Fund.

According to the Cabinet, blockchain and distributed ledger technologies have the potential to solve many problems in the financial sector. This would be a great opportunity, especially from the point of view of the emerging countries that represent the BRICS states. The joint initiative will make it easier to identify areas in which the blockchain can contribute to shared growth.

Blockchain yes, cryptocurrencies ...?
So while the Indian government wants to position itself clearly in terms of blockchain adaptation and work with other countries to explore opportunities, the starting point for cryptocurrency is not so clear. For example, on Tuesday, September 11, a meeting of the Indian Supreme Court on the planned closure of the crypto banks by the Indian Central Bank was scheduled. Due to time constraints, however, the decision was postponed to Monday, 17 September. So it remains to be seen whether the blockchain enthusiasm of the Indian government will be followed by a crypto-friendly attitude of the Supreme Court.