India’s digital currency industry is expected to experience parabolic growth in the coming years, creating an economic added value of $ 184 billion in investment and cost savings, according to a new report. The report further predicts that more than 800,000 people will work in the sector.
India has seen an increase in digital currency adoption in recent years, with young investors choosing it over other previously popular assets like gold or stocks. According to Chainalysis, the country’s digital currency investment has grown from $ 923 million in 2020 to $ 6.6 billion in May 2021, and it continues to grow. There are now over 15 million Indians invested in digital currencies.
A new report from the National Association of Software and Services Companies (NASSCOM) predicts that this growth will continue well into the future.
NASSCOM says the “CryptoTech” industry will reach $ 241 million by 2030. CryptoTech businesses include those engaged in trade, remittances, payments, and retail. The report claims that globally this industry will reach $ 2.3 billion.
NASSCOM further expects the digital currency industry to add $ 184 billion in investments and savings to the Indian economy.
“India provides the most unique ecosystem for CryptoTech to play a transformative role in strengthening key priority areas such as healthcare, security, digital ID, trade and finance, and mailings. funds and help meet the challenges brought on by the pandemic, ”said NASSCOM President Debjani Ghosh.
Ghosh called for a “consultative and enabling regulatory approach to crypto technologies” that he said will further accelerate this growth.
Currently, the digital currency industry in India employs 50,000 people. NASSCOM predicts that 800,000 people will find employment in the industry as it grows in the years to come.
The recent wave of growth is being led by Tier 2 and Tier 3 cities, commented Nischal Shetty, Founder and CEO of WazirX exchange.
Shetty added, “Crypto has immense potential to contribute to the $ 5,000 billion economic vision, and in the years to come we will see crypto break down financial barriers for rural India, create more opportunities. and access to jobs, investment and capital. “
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