India’s digital currency industry is predicted to record parabolic growth in the coming years, creating an economic value addition of $184 billion in investments and costs savings, according to a new report. The report further predicts that over 800,000 people will be working in the sector.
India has seen a surge in digital currency adoption in recent years, with the younger investors choosing it over other previously popular assets like gold or stocks. According to Chainalysis, the country’s digital currency investment has shot up from $923 million in 2020 to $6.6 billion in May 2021, and it is still growing. There are now over 15 million Indians invested in digital currencies.
A new report by the National Association of Software and Services Companies (NASSCOM) predicts that this growth will continue well into the future.
NASSCOM says that the ‘CryptoTech’ industry will hit $241 million in size by 2030. CryptoTech firms include those dealing in trading, remittances, payments, and retail. The report claims that globally, this industry will hit $2.3 billion in size.
NASSCOM further expects the digital currency industry to add $184 billion in form of investments and cost savings to the Indian economy.
“India provides the most unique ecosystem to CryptoTech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade and finance, and remittances and help in addressing pandemic-induced challenges,” NASSCOM President Debjani Ghosh stated.
Ghosh called for a “consultative and enabling regulatory approach towards crypto technologies” which he believes will further accelerate this growth.
Currently, the digital currency industry in India employs 50,000 people. NASSCOM predicts that 800,000 people will find jobs in the sector as it grows in the coming years.
The recent wave of growth is led by tier-2 and tier-3 cities, Nischal Shetty, the founder and CEO of WazirX exchange commented.
Shetty added, “Crypto has immense potential to contribute to the $5 trillion economy vision, and in the coming years, we will see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment and capital.”
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