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A report by the National Association of Software and Services Companies (Nasscom), states that the crypto-tech industry in India can grow to $241 million by 2030.
Just as China is issuing yet another edict to eradicate and ban cryptocurrencies, the report by Nasscom is some much needed good news for the crypto industry in India.
According to the report, the crypto-tech sector has the potential to create more than 800,000 jobs, and to add around $184 billion in investments and cost savings. It also states that the crypto industry globally will be worth $2.3 billion by 2026.
Although the Indian government does not appear to be very favourable to cryptocurrencies, Indian investors, particularly the young, are buying cryptocurrencies in order to make high returns on their money.
So despite the quite negative environment, cryptocurrencies are getting a lot of attention in India by way of investing, trading, remittances, and payments among other ways. Up till now, the industry has grown 39% over the last five years.
According to the Economic Times of India, Debjani Ghosh, the president of Nasscom stated:
“CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest growing technology sub-sectors. India provides the most unique ecosystem to CryptoTech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade and finance, and remittances and help in addressing pandemic-induced challenges. A consultative and enabling regulatory approach towards Crypto technologies can help drive the growth of CryptoTech ecosystem and innovation in India.”
According to the same source, currently, the crypto-tech industry in India employs around 50,000 people in over 250 startups, and 150 proofs of concept and projects. While Indian investors have put about $6.6 billion into crypto assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.