Five major banks from each BRICS member state signed a Memorandum of Understanding (MoU) on the development of distributed ledger technology (DLT), according to an official press release July 26.
During the 10th International BRICS Summit in Johannesburg, banks from the emerging economies of Brazil, Russia, India, China and South Africa agreed to a joint study of DLT technology like blockchain, “in the interests of the development of the digital economy.” BRICS countries have met annually since 2009 to discuss initiatives for economic, cultural, and political cooperation between member states.