The industry is expected to be worth $2.3 billion worldwide by 2026.
India's cryptography market could generate over 800,000 jobs and $184 billion in economic value added by 2030 in the form of investments and cost savings, according to the 'Indian Crypto Industry' report. That's what it means.
Young investors in India are increasingly exploring new investment options and are embracing cryptocurrencies like Bitcoin, Ethereum and Polygon to make investments that promise solid returns.
These digital currencies, along with other applications of distributed ledger technology, are attracting a lot of attention, leading to the exponential growth of the cryptographic industry in India.
The crypto technology industry, which includes crypto applications in trading, P2P payments, remittances and retail, has grown by 39% in the last five years in the country.
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“India's crypto technology industry is not only showing positive impact at the grassroots level but also emerging as one of the fastest growing technology sub-sectors. “We are playing an innovative role in delivering systems and strengthening key priority areas such as healthcare, security, digital identity, trade and finance, and remittances to help address the challenges posed by the pandemic,” said Nasscom President. said Debjani Ghosh. . “A consultative and effective regulatory approach to cryptography will help drive growth and innovation in the cryptography ecosystem in India.”Currently, the industry employs 50,000 people in India, with 230 There are over 150 startups and 150 proofs of concept and projects. Retail investors in India reportedly have invested around $6.6 billion in crypto assets.
Nischal Shetty, Founder and CEO of WazirX said: In fact, the number of users in Tier-II and Tier-III cities has increased several times. Cryptocurrencies have immense potential to contribute to the $5 trillion economic vision, and in the coming years, cryptocurrencies will break down economic barriers in rural India, creating more opportunities and access to jobs, investment and capital. It will create access. ”
Bitcoin, smart contracts, decentralized finance, tokenization wave, non-fungible tokens, rise of crypto capital and central bank digital currencies will drive crypto growth and adoption in India, according to the report7 This will become one of the major trends.