Five major banking institutions in the emerging economies of Brazil, Russia, India, China and South Africa have signed a Memorandum of Understanding (MoU) on the development of Distributed Ledger Technology (DLT).
The Brazilian National Bank for Economics and Social Development (BNDES), the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), the Export-Import Bank of India, the China Development Bank and the Development Bank of Southern Africa (DBSA) will all participate in the study of DLT technology as a blockchain, "in the interest of digital economy development."
In Brazil, BNDES has led related initiatives such as an acceleration scheme focusing on technologies such as blockchain and a MoU with the German Development Bank on a partnership for the improvement of TruBudget blockchain software.
The BRIC MoU signed the 10th BRICS International Summit in Johannesburg last month, was celebrated by participating countries, which had already worked on their blockchain projects.
The first vice-president of the Russian Vnesheconombank, Mikhail Poluboyarinov, said that the current agreement "allows the BRIC countries' development banks to study the applications of innovative technologies in infrastructure finance and optimization of banking products."  "We believe this work will contribute to our cooperation in adapting the evolving internet economy," added the Chinese Ministry of Foreign Affairs in an official statement.