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BRICS Nations Enter New Blockchain Partnership

Government-owned banks from the five major BRICS nations, including Russia, China, Brazil, South Africa, and India, have officially signed a partnership deal to research blockchain and its effect on the global economy. The agreement was drawn up and notarized at the 10th BRICS conference in Johannesburg in July. 


 

New Beginnings

Russia’s Vnesheconombank, which funds various projects geared towards progressing the nation’s economy, was included in the agreement alongside their Brazilian counterpart, BNDES. In addition, India’s Exim Bank, the Chinese Development Bank (CDB), as well as SA’s Development Bank were all signatories. The head of Vnesheconombank stated that the new partnership will open up channels for exporters from Russia, industry operators, and investment-seekers. He believes that the agreement can encourage BRICS nation dev banks to further their research on the innovative benefits that blockchain tech can provide to the business sector. Many of the banks involved in the partnership have previously started their own independent blockchain tech-related initiatives. In one example, Vnesheconombank partnered with Ethereum’s Vitalik Buterin a year ago to establish Ethereum Russia.In Brazil, BNDES created a token for the Brazilian Real, also using Ethereum’s blockchain, in order to allow for transparency within research grants and development. 


The new partnerships might promote many endeavours to take on various projects that can later mutually benefit the five economies. China’s FA minister said that the banks believe in the work they aim to pursue, and that their cooperation will only progress the virtual economy.

Blockchain Tech

BC tech has been booming in the five BRICS nations, particularly China, where a trend in searches for Solidity, the programming language used by Ethereum, has been increasing. Russia’s Vladimir Putin has also made his interest in BC tech known in the last year.

In addition, SA and Brazil have also begun to make their developments within the industry, although India is slightly lagging behind. What will come of the partnership has yet to be seen, but only time will tell.



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