BRICS Members Signed MoU on DLT Research


Major banks from BRICS countries signed a Memorandum of Understanding (MoU) on the development and implementation of DLT during their 10th summit in South Africa, on July 26.

Five major banks from Brazil, Russia, India, China and South Africa committed to conduct a joint study on DLT and its impact on the development of the digital economy. Mikhail Poluboyarinov, First Deputy Chairman and a Member of the Board at Vnesheconombank, said: “The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization."

BRICS summits have taken place yearly since 2009. Participants discuss initiatives and partnerships in the economic, cultural, and political fields. The current summit is focusing on economic collaboration and development “in the face of the fourth industrial revolution”.

Banks from different countries are finding various ways to apply DLT. The Reserve Bank of Zimbabwe is conducting its own study of blockchain, aiming to integrate it with business processes. The Bank of America filed a patent for a blockchain-based platform enabling the external validation of data. The Bank of Thailand sees blockchain as a means for cross-border payments and fraud protection.

Latest news

Japanese Messaging Giant LINE Launches $10 Million Blockchain Venture Fund LINE, Japan’s largest messaging app, launched “Unblock Ventures,” a $10 million token venture fund focusing on blockchain startups and initial coin offerings (ICOs).
SEC Hits ICO Scammer with $30,000 Fine and Lifetime Trading Ban The founder of a fraudulent ICO project was issued a $30,000 fine, barred from serving as the director or officer of any publicly traded company, and banned from trading penny stocks for life by the U.S. SEC.
Venezuela’s Next Step: a Central Bank For Cryptocurrencies The National Constitutional Assembly plans to reform the country’s 1999 Constitution to include a Central Bank for cryptocurrencies.