India is set to roll out the first-ever blockchain block lock on a global scale, an initiative that is expected to help the country tackle its own financial and economic woes and curb tax evasion.
Block Latch will enable Indian residents to hold onto their money for longer than currently possible, in a move that will benefit consumers and businesses.
It is part of the government’s push to bring the country’s banking and financial systems online and reduce reliance on overseas operators such as the International Monetary Fund (IMF).
Block Lamps will be installed on a number of key infrastructure projects and the move comes amid concerns about the use of blockchain technology by criminals and other unscrupulous actors.
India has become the first country to roll back a moratorium on the transfer of cryptocurrencies from abroad, with Prime Minister Narendra Modi announcing the new policy on Thursday.
India, a major trading partner for the UK, Australia and Singapore, has seen a rise in thefts and money laundering by criminal gangs and cyber criminals in recent years, with the country now one of the world’s most-targeted for cybercrime.
Last year, the country banned all transfers of cryptocurrency, arguing that it was undermining the value of the currency.