India is experiencing unprecedented success in cryptocurrency, with a new study estimating the industry will grow more than 200% to reach $241m by 2030.
Despite the Reserve Bank of India’s open stance against crypto, digital assets are having a huge impact throughout the country.
50,000 Indians are employed by almost 400 crypto start-ups that have registered 40% to 50% growth in revenue.
The study, measuring India’s crypto industry, was conducted by the National Association of Software and Service Companies (NASSCOM) and crypto exchange WazirX.
It discovered that the crypto market had increased by 39% between 2020 and 2021. The number of retail investors doubled from seven million in 2020 to 15m in 2021 – which means 1.8% of the adult Indian population has invested in cryptocurrencies.
Debjani Ghosh, president of NASSCOM, spoke about the impact of the crypto tech industry and what role it could play in the future.
“Crypto tech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as the fastest-growing technology sub-sector,” he said.
“India provides the most unique ecosystem to crypto tech 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.”
While there has been no update on The Cryptocurrency and Regulation of Official Digital Currency Bill, India continues to thrive amid chaos.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.