The crypto industry is expected to expand significantly globally within the next five years. A latest research report by India's top technology industry body predicts that the global crypto market will reach a value of $2.3 billion (approximately Rs 17,087 crore) by 2026. For India, the report predicts that the crypto market will reach a value of $241 million (approximately Rs 1,790 crore) by 2030. Adoption of crypto technology by several banks across the US, Europe, and Asia region is noted as a key factor driving the growth of the crypto sector.
Nasscom, India's leading non-governmental technology industry association, published its findings earlier this week in a report titled “The Crypto Technology Industry in India.”
“Bitcoin, decentralized finance (DeFi), crypto capital, and central bank digital currencies (CBDCs) are driving crypto market growth,” the report states.
According to a survey, lending on DeFi platforms has increased by over 650% globally. DeFi systems allow financial instruments to be listed on public blockchain networks that are not regulated by central banks or intermediaries.
Internationally, the world's most valuable cryptocurrency Bitcoin has become the fastest digital asset to reach a market capitalization of $1 trillion (roughly Rs 74,29,420 crore), surpassing the value of gold and the US Dollar.
Cryptocurrency in India
The analysis predicts a bright future for cryptocurrencies in India.
According to the report, more than 60% of Indian states have emerged as early adopters of cryptography.
Over 15 million retail investors, especially startups, are a key driver of this rapid adoption, also highlighting the benefits of crypto technology in India.
Cryptocurrencies are not regulated by any banks at the moment and therefore can be used to facilitate large payments in an untraceable manner, regardless of geographical restrictions.
“India offers the most unique ecosystem for crypto technology, which will play a transformative role in strengthening key priority sectors such as healthcare, security, digital identity, trade, finance and remittances,” Nasscom president Devjani Ghosh said.
Ghosh further added that a consultative and facilitative regulatory approach to crypto will help foster its growth in India.
Currently, India's Finance Minister Nirmala Sitharaman is drafting a cryptocurrency bill, which is expected to be tabled in the upcoming winter session of Parliament.
Cryptocurrencies are unregulated digital currencies, are not legal tender and are subject to market risk. The information provided in this article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation provided or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment made based on any recommendations, forecasts or other information contained in the article.
