CryptoTech industry has the potential to create 8 lakh jobs by 2030: Report

Cryptocurrency (Representative image: Reuters)

As more young Indians invest in cryptocurrencies such as Bitcoin, Ethereum, and Polygon, and demand for technologies to cater to this need increase, it will boost the CryptoTech industry that can employ over 8 lakh people by 2030, according to a recent report.

The industry currently employs about 50,000 people. The report, Crypto Industry in India, by IT industry body NASSCOM in partnership with cryptocurrency exchange WazirX, revealed that the market in India is expected to grow 2X faster and has the potential to create 8,00,000 jobs by 2030.

“It also has a potential to create an economic value addition of $184 billion in the form of investments and cost savings,” the report said.

According to the report, there are over 230 start-ups that are operating in India in the CryptoTech space, which is seeing increasing investment from institutional and retail as the awareness about the industry increases. Close to $6.6 billion have been made as investments in crypto assets by retail investors.

CryptoTech industry is likely to be worth $241 million by 2030 in India, and $2.3 billion by 2026 globally, the report added.

Debjani Ghosh, President, NASSCOM, said in a statement, “CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest-growing technology sub-sector. A consultative and enabling regulatory approach towards Crypto technologies can help drive the growth of CryptoTech ecosystem and innovation in India.”

Nischal Shetty, Founder, and CEO, WazirX, said, "Crypto is primed to take our PM's Digital India mission forward. In fact, our number of users from Tier-II and Tier-III cities has grown multifold. Crypto has immense potential to contribute to the $5 Trillion economy vision, and in the coming years, we'll see crypto shatter the financial barriers for rural India, create more opportunities and access to jobs, investment, and capital."