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CryptoTech to create 8 lakh jobs



As India looks at regulating cryptocurrencies such as Bitcoin and others, the crypto industry in the country has pegged a significant upside to the adoption of crypto technology (cryptotech). According to a Nasscom report published in partnership with crypto exchange WazirX titled Crypto Industry in India, cryptotech has the potential to create more than 8 lakh jobs by 2030, up from 50,000 individuals employed currently. Moreover, the industry is expected to reach $241 million in size by 2030 in India. So far, $6.6 billion have been invested by Indian retail investors in different crypto assets such as Bitcoin, Ethereum, Polygon, etc., the report noted. The industry, which includes crypto applications in trading, P2P payments, remittances, and retail among others has grown by 39 per cent in the last five years in India.

The CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as a fastest growing technology sub-sector. 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 & finance, remittances and help in addressing pandemic-induced challenges, says Nasscom. However, the Reserve Bank of India had repeatedly noted its concerns about cryptos and conveyed the same to the government for the final decision with respect to regulations. Meanwhile, the Nasscom report added that the crypto industry can potentially create an economic value addition of $184 billion in the form of Investments and cost savings by 2030. “Our number of users from Tier-II and Tier-III cities have grown by 2,648 per cent and contributed to 55 per cent of total signups on WazirX in 2021. Crypto has immense potential to contribute to our $5 trillion economy vision, as per WazirX.

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