India is taking another step towards figuring out how it can benefit from blockchain technology.

India’s Union Cabinet, led by Prime Minister Narendra Modi, said it would allow the nation’s Export-Import Bank to conduct research on distributed ledger and blockchain technology with BRICS economic partners Brazil, Russia, China and South Africa, all of which are much farther down the blockchain road than India.

The approval came after Exim Bank signed a Memorandum of Understanding under the BRICS Interbank Cooperation Mechanism, Indian newspaper the Business Standard reported.

The research is being conducted with the Banco Nacional de Desenvolvimento Economico e Social from Brazil, the China Development Bank, Vnesheconombank from Russia and the Development Bank of South Africa, according to a statement. Read more here.

ThirtyK Staff
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