India’s digital currency industry is predicted to grow at an enormous rate in the coming years, setting a record of $184 billion in investments and cost reductions, according to a new report. Furthermore, over 800,000 people will work in the sector.
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Digital currencies have become increasingly popular in India in recent years, attracting the younger generation of investors who have forgone traditional assets like gold and stocks. Chainalysis estimates that the country’s digital currency investment has grown from $923 million in 2020 to $6.6 billion in May 2021, and it is still growing. Indians have invested more than $15 billion in digital currencies now.
Report on India’s digital currency sector
According to a report released by the National Association of Software and Services Companies (NASSCOM), this growth will continue well into the future.
By 2030, the CryptoTech market will grow to $241 million, according to NASSCOM. Retailers, remittance companies, and payment providers are among CryptoTech firms. This industry is projected to reach a size of $2.3 billion globally.
Additionally, NASSCOM expects the digital currency sector to save the Indian government an estimated $184 billion in investments and costs.
“India crypto has the most unique ecosystem for CryptoTech to achieve transformative results in healthcare, safety, digital identification, trade, finance, and remittances, while also helping to address pandemic-induced challenges,” Debjani Ghosh said.
“Consultative rules and enabling regulations” would further accelerate this growth, according to Ghosh on India crypto future
There are currently 50,000 people employed by the digital currency industry in India. According to NASSCOM, 800,000 people will find jobs in the sector as it grows in the future.
The recent growth wave is mainly driven by tier-2 and tier-3 cities, said Nischal Shetty, the founder and CEO of WazirX exchange.
Nischal Shetty the CEO of WazirX added, “Crypto has immense potential to contribute to the $5 trillion economy vision, and in the years to come we will see crypto shatter financial barriers for rural India, increase access to jobs and investment, and create more jobs.”