The digital currency market slump does not seem to be deterring firms in India from looking to hire talents that will help them explore the technology. A report by Indeed, a worldwide employment website, shows that job listings related to digital currency, blockchain, and non-fungible tokens (NFTs) increased by 804% from April 2020 to April 2022.
More data from the report as covered by the Indian Express show that digital assets-related job roles constitute the biggest share of hires in overall technology job roles. They comprise about 67.48% of all tech hires from April 2021 to April 2022.
Blockchain application developers also dominate the roles listed by companies actively looking for application developers, data engineers, and full-stack developers. The trend has caused digital currency listings to surge by 315% year-to-date (YTD) in 2022.
According to Sashi Kumar, head of sales for Indeed India, the trend is not far-fetched as India has always been a technology-first economy. He added that the attraction for firms in the country has resulted from the fact that the blockchain industry is still blossoming and offers a lot of possibilities.
“Being a technology-first economy, Indian firms are rapidly investing in technologies that will put the country at the forefront of this new digital era… Blockchain promises to be an exciting new field of work and offers tremendous scope for application, the sector is still very nascent,” Kumar said.
India’s regulatory uncertainty still affecting growth in the digital assets industry
The findings of Indeed’s report are similar to observations made by the head of human resources at the Binance-backed Indian digital currency exchange WazirX. Sricharan C. Sricharan noted that since the Union Budget 2022 was passed, blockchain-related job listings in India on recruitment portals have been increasing.
He attributed the increase to the fact that the tax regime introduced in the Union Budget gave market participants some level of hope. However, this hope is only to an extent, as the tax regime has negatively impacted digital asset exchanges.
According to a Bloomberg report, Indian digital currency exchanges are bracing for a drawn-out “crypto winter.” Their situation is worsened by complicated fiat on-and-off ramps for customers, the dreaded tax on transactions, in addition to the plummeting prices of digital assets.
Meanwhile, the government has also not relented from exploring more ways to stamp out digital assets. One of the ways being considered is a CBDC. According to the Reserve Bank of India (RBI) deputy governor, T. Rabi Sankar, CBDCs can kill off digital currencies globally.
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