The government of India has allowed banks to conduct studies on the technology of the distributed registry and the blockchain in particular.

Chief Executive authority in India, the unified Council of Ministers, headed by Prime Minister Narendra Damodaran the modi (Narendra Damodardas Modi), announced that authorizes the Export-import Bank of the country (the Exim Bank) to explore the possibilities of blockchain technology together with the banks of member countries of BRICS. BRICS brings together five countries — Brazil, Russia, India, China and South Africa.

The approval happened after the fact: prior to this, Exim Bank signed a Memorandum of understanding (MOU) with five banks within the interbank cooperation mechanism of BRICS. At least three banks in the study are already actively conducted is the Brazilian development Bank, State development Bank of China, Vnesheconombank of Russia and the development Bank of South Africa.

Financial institutions to jointly study technologies of the distributed registry to find application in those industries where there are commercial operations. The main goal is to improve operational efficiency.

We will remind that since July, the country has a regulation of the Reserve Bank of India prohibits banks to provide services to cryptocurrency exchanges. In response to the ban exchange filed a petition for review of the decision.