The industry will also be worth $2.3 billion globally by 2026, it said.
The crypto-tech market in India has the potential to create over 800,000 jobs and an economic value-add of $184 billion by 2030 in the form of investments and cost savings, according to the ‘Crypto Industry in India’ report.
As more and more young Indian investors explore newer investment options, they are adopting cryptocurrencies such as Bitcoin, Ethereum, and Polygon to make investments that promise viable returns.
These digital currencies along with other applications of distributed ledger technology have garnered significant attention leading to an exponential growth of the crypto-tech industry in India.
The crypto-tech industry – which includes crypto applications in trading, P2P payments, remittances, and retail — has grown by 39% in the last five years in the country.
ALSO READ TECH NEWSLETTER OF THE DAY
The seventh edition of ET Startup Awards—the most prestigious recognition for Indian entrepreneurs—kicked off earlier this week to capture the best of the never-seen-before exuberance in the Indian startup ecosystem.
“CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest growing technology sub-sectors. 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,” said Debjani Ghosh, president, Nasscom. “A consultative and enabling regulatory approach towards Crypto technologies can help drive the growth of CryptoTech ecosystem and innovation in India.”
At present, the industry employs 50,000 individuals in India, with over 230 startups and 150 proofs of concept and projects. Indian retail investors have invested about $6.6 billion in crypto assets, it said.
Nischal Shetty, founder and CEO of WazirX, said, “Crypto is primed to take our PM’s Digital India mission forward. In fact, our number of users from Tier-II and Tier-III cities have grown multi-fold. Crypto has immense potential to contribute to the $5 trillion economy vision, and in the coming years, we’ll see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment and capital.”
According to the report, Bitcoin, Smart Contracts, Decentralised Finance, The Wave of Tokenization, Non-Fungible Tokens, Rise of CryptoTech Capital and Central Bank Digital Currencies will be the seven key trends driving the growth and adoption of crypto-tech in India.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their original owners.
Follow Chetas Foundation
Follow this NGO if you are interested in Smart cities,Good Governance,Defending Nation,Cyber Security.If you have anything to do with anyone who works for the government at any level, You should follow this NGO.
Follow this think tank if you work, know or interested in working and knowing about all the international, transnational and global governance,diplomatic relations,world peace and security.
Follow Pune Media on Linkedin
Follow Pune Media
Follow Pune Media for their latest positive coverage,breaking news,polls and much more.
Follow Khumaer Bayas
Follow this account if you want to get the glimpses of things to come, watch interactions with movers and shakers of the world. and in general be updated on issues like #natsec,#opsec,#intsec,#intelissexy the account is followed by few but professional organizations and personnel.