Last updated – December 6, 2021, 4:41 AM.
The Indian cryptocurrency market has grown rapidly in the past few years and is expected to reach $241 million domestically by 2030 and $2.3 billion globally by 2026.
As an increasing number of young Indian investors are keen to explore new investment options, they are adopting cryptocurrencies such as Bitcoin, Ethereum and Polygon to invest in things that promise achievable profits, revealed a survey on the ‘Cryptocurrency Industry in India’ conducted by the National Association of Software and Services Companies (Nasscom) and industry partner WazirX on Friday.
These digital currencies and other applications have attracted significant attention, leading to rapid growth of the crypto industry in India.
With over 60% of Indian states adopting crypto technology and over 15 million individual investors, the industry is increasingly attracting new startups, the report said. There are already over 230 startups operating in the crypto space in India, the report said, adding that growing investment from institutional and individual investors is driving awareness of the benefits of crypto technology in India.
Further, the report highlights that Bitcoin, smart contracts, decentralized finance, the wave of tokenization, non-fungible tokens, the rise of crypto capital, and central bank digital currencies are the seven major trends driving the growth and adoption of crypto in India.
The report further noted that while the industry is still in its early stages, job opportunities are already beginning to emerge in trading, software development, analytics and other roles.
“The Indian crypto industry is not only demonstrating a positive impact at the grassroots level but is also emerging as one of the fastest growing technology sub-sectors. India offers the most unique ecosystem for crypto technology to play a transformative role in strengthening key priority sectors such as healthcare, security, digital identity, trade and finance,” said Devjani Ghosh, President, Nasscom.
Moreover, the report said that the Indian market could grow twice as fast and create over 800,000 jobs by 2030. It could generate $184 billion in economic value added in the form of investments and cost savings.
