Russia’s VEB inks 6 billion yuan deal with China Development Bank

04 Jul, 2017 3:39 pm

MOSCOW – Russian state development bank VEB signed an agreement on Tuesday to attract 6 billion yuan ($882.35 million) from China Development Bank for innovations, including the development of blockchain technologies, VEB head Sergei Gorkov told reporters.

Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification.

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