A report by Nasscom and WazirX, titled “Crypto Business in India,” predicts that the Indian cryptotechnology industry will be valued $241 million by 2030 and $2.3 billion internationally by 2026.
According to the article, numerous worldwide banks have begun purchasing cryptocurrencies, and a handful in the United States, Europe, and Asia are developing blockchain-based systems that will allow their customers to make B2B bitcoin payments to one another.
The Indian cryptocurrency market has experienced fast growth and development in recent years. Young Indian investors who are keen in exploring new financial options are increasingly turning to cryptocurrencies such as Bitcoin, Ethereum, and Polygon to establish ventures that would offer them with a viable return on their investment. As a result of rising interest in digital currency and other distributed ledger technologies (DLT), India’s cryptotech industry has risen at an exponential rate.
According to the findings of the study, more than 60 percent of Indian states have accepted cryptotech, and there are more than 15 million retail investors. There are approximately 230 cryptotech startups operating in India at the moment. As a result of a surge in institutional and individual investment in cryptocurrency in recent years, the advantages of cryptocurrency have become more widely recognised.
Indian market will rise at twice the rate of the rest of the world
According to the research, the Indian market will have risen at twice the rate of the rest of the world by 2030 and will have created more than 800,000 new jobs. A further $184 billion in value can be saved and invested, giving it the opportunity to create even more wealth.
Beyond having a good influence at the grassroots level, India’s cryptotech industry has emerged as one of the country’s fastest expanding technology sectors, according to the World Bank.
“Cryptotechnology has the potential to revolutionise crucial priority areas such as healthcare, safety, digital identification, trade and banking, and remittances in India’s one-of-a-kind ecosystem, as well as solve pandemic-related concerns,” according to the report. ” A consultative and accommodating regulatory approach to cryptotechnologies can aid in the development of India’s cryptotech ecosystem as well as the advancement of innovation in the country.” Debjani Ghosh, the Vice President of Nasscom, claimed that
According to Nischal Shetty, the CEO of WazirX, the number of cryptocurrency users has surged in Tier 2 and Tier 3 towns. It is my belief that cryptocurrency will aid in the dismantling of financial barriers in rural India over the next few years, by opening up more doors to employment opportunities, investment opportunities, and finance. Ultimately, this will aid us in reaching our $5 trillion economic target.”