Impact of cryptocurrency on Indian economy UPSC:National Software and Services Companies Association (NASSCOM) has released a report titled ‘Crypto Business in India’ in collaboration with industry partners WazirX.
National Software and Services Companies Association (NASSCOM) has released a report titled ‘Crypto Business in India’ in collaboration with industry partners WazirX. The report has shed light on how the Indian cryptocurrency market has grown so drastically in the last few years.
Impact of cryptocurrency on Indian economy UPSC
As more and more young Indian investors are eager to explore new investment options, they are investing in Bitcoin, Ethereum and Polygon cryptocurrencies in order to gain valuable returns. These digital currencies and other applications of DLT have contributed to the huge growth of the cryptotech industry in India.
Highlights of the report
The cryptotech industry is expected to reach $ 241 million by 2030 in India and $ 2.3 billion globally by 2026.
$ 6.6 billion investment in crypto assets from retail investors in India.
The cryptotech industry provides employment to 50,000 individuals in India.
Cryptotech Landscape Growing Fastest 230+ Startups and 150+ Concepts and Projects Found.
BitCoin is the fastest-reaching asset with a $ 1 trillion market cap surpassing the gold and US dollar.
The size of the decentralized financial market has increased over 100 times in the last one year.
The industry can generate $ 184 billion in economic value through investment in investment and cost savings of 800 thousand.
According to the report, more than 60% of states in India and over 15 million retail investors are emerging as cryptotech adopters. The industry is increasingly attracting start-ups to adopt cryptotech. There are more than 230 start-ups in India in the cryptotech sector. Increased investment by institutional and retail investors has increased the awareness of cryptotech’s benefits in the country.
The Indian market is expected to grow by 2 times faster and create more than 800 thousand jobs by 2030. It has the potential to add $ 184 billion in economic value in the form of investments and cost savings.
According to Nischal Shetty, Founder & CEO, Wazir X. “Crypto is key to advancing our Prime Minister’s Digital India mission. Crypto has the opportunity to contribute to the mission of the economy and the crypto is able to alleviate financial disturbances in rural India and has more opportunities and jobs and investment and investment.
NASCOM President Debjani Ghosh shares his thoughts on the crypto currency. “The cryptotech industry in India is emerging as the fastest growing technology sub-sector in India. Crypto Technologies with a comprehensive and complementary control system will assist the development of the crypto system and related discovery in India.
Various corporations and start-ups are partnering with government, industry and academia to address the critical challenges posed by health and safety, digital identity, trade finance and the epidemic.
The report considers bitcoin, smart contracts, decentralized financing, tokenization wave, non-fungible tokens, cryptotech capital rise and central bank digital currencies to be considered as the 7 key trends in the growth and adoption of cryptotech in India. At an early stage, the industry is already creating job opportunities in trading, software development, analytics and other practices.
Impact of cryptocurrency on Indian economy UPSC Conclusion
Globally, the cryptotech industry is expected to cross USD 1.6 billion by 2021 and USD 2.3 billion by 2026. Several global banks have begun buying crypto and some have created their block-chain based systems to enable B2B cryptocurrency payments among their customers across the US, Europe and Asia. 20+ major corporations have also started accepting crypto for payments from Microsoft and PayPal. This adoption of cryptocurrencies worldwide was carried out during Kovid-19, which causes the industry to grow and expand vertically.
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