India’s crypto industry has the potential to generate $ 184 billion in economic value in investment and cost savings by 2030, according to a report from the country’s leading tech industry trade association.
- The report, entitled “Crypto Industry in India”, was published by the National Association of Software and Services Companies (NASSCOM) in collaboration with Binance’s own crypto exchange WazirX.
- The “CryptoTech” industry – companies involved in commerce, payments, remittances, retail and more – is expected to be $ 241 million in India by 2030 and $ 2.3 billion globally by 2026. Dollar will reach.
- The industry currently employs 50,000 people in India, a number NASSCOM expects to grow to over 800,000 by the end of the decade.
- This expected exponential growth is likely aided by the rapid adoption of crypto-related investments by the country’s young population.
- Indeed, crypto investments in India have seen massive growth over the past year, with recent analysis by blockchain analytics firm Chainalysis claiming an increase from $ 923 million to $ 6.6 billion.
- It did so despite a cloud of regulatory uncertainty hovering over the country with an outright ban proposed by the country’s government earlier this year.
- The government then eased that tough stance, proposing in June that Bitcoin should be classified as an asset class under a proposed crypto regulation bill.
Continue reading: India may have quietly shown its hand on crypto regulation