The crypto industry in India has the potential to add $184 billion of economic value, in the form of investments and cost savings, by 2030, according to a report from the country’s premier trade body for the tech industry.
- The report, entitled “Crypto Industry in India,” was published by the National Association of Software and Services Companies (NASSCOM) in conjunction with Binance-owned crypto exchange WazirX.
- The “CryptoTech” industry – companies involved in trading, payments, remittances, retail and more – is expected to reach a size of $241 million in India by 2030, and $2.3 billion globally by 2026.
- The industry currently employs 50,000 people in India, a number which NASSCOM expects to grow to over 800,000 by the end of the decade.
- This expected exponential growth is likely to be backed by the fast adoption of crypto related investments by the country’s young population.
- Crypto investment in India has indeed seen massive growth over the last year, with recent analysis from blockchain analytics firm Chainalysis claiming a surge from $923 million to $6.6 billion.
- This has taken place despite a cloud of regulatory uncertainty hovering over the country, with an outright ban proposed by the country’s government at the start of this year.
- The government subsequently loosened this tough stance, with suggestions in June that bitcoin would be classed as an asset class under a proposed crypto regulation bill.