The Indian crypto-tech industry will soon be worth $241 million by the year 2030, according to a report by the National Association of Software and Services Companies (Nasscom). The company is partnering with cryptocurrency platform WazirX to help achieve its goals.
The industry will be worth $2.3 billion by 2026.
Crypto-tech has the potential to create 800,000 jobs in India’s economy, including opportunities for startups & enterprises. It could also add billions of dollars by 2030 to India’s GDP through investments and cost savings. From healthcare to advertising, you can find uses for this technology everywhere.
More & more Indian investors are getting into the cryptocurrency game because they’ve realized that their returns are generally better than other options.
Digital currencies and blockchain-based applications have gotten a lot of attention in India, which has resulted in the exponential growth of the crypto-tech industry.
With the growth of cryptocurrency, the industry has expanded by 39% in 5 years in India. This includes trading, P2P payments, remittances, and retail.
“The Indian crypto & technology sector has demonstrated only promising signs to date, with the industry emerging as one of the fastest-growing yet. India offers a supportive environment to companies in the CryptoTech sector to shake up existing economic sectors such as medicine, safety, digital identification, finance, and more,” said Debjani Ghosh, president, Nasscom. “Regulatory frameworks act as guidance to help us grow with this new industry, and thus innovation in India.”
So far, there are around 50,000 people working in the AI industry in India. The country also has over 230 startups and 150 proofs of concept & projects at this time. Retail investors in India have so far 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.” Our user base has increased substantially in Tier-II and Tier-III cities. Crypto has the potential to contribute significantly to the $5 trillion economy vision. AI is already an integral part of the lives in India, providing jobs and other opportunities to people without much in the way of resources.
According to this report, Bitcoin and other coins will become more popular thanks to innovations like smart contracts and blockchain technology. Non-fungible tokens and crypto tech capital will also be on the rise. Central bank currencies will become more available thanks to blockchain technology.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.