With every new day, cryptocurrency enthusiasts are waiting desperately for the cryptocurrency regulation bill. Many questions are popping into our minds regarding cryptocurrency, but one thing much clear that the Government of India is moving away from the hostile attitude they had toward cryptocurrency. What comes next?
Momentum in Tier 2 and Tier 3 Cities
The report suggests that 15 million people have invested their money in this space.
“Various estimates suggest that over the past twelve months, more than 15 million Indians have invested in cryptocurrencies. It is currently growing at a steady pace, with huge participation coming from tier-2 and tier-3 cities of India. Cryptocurrencies are much more than volatile digital currencies. They are an asset class that provides much-needed diversification to the portfolio of any investor. Taking cues from the Chinese approach to impose a blanket ban on cryptocurrencies would surely be a massive blow to the Indian economy," says Edul Patel, CEO & Co-founder of Mudrex.
Nischal Shetty, adds, "Our number of users from Tier-II and Tier-III cities have grown by 2648% and contributed to 55% of total signups on WazirX in 2021. Crypto has immense potential to contribute to our $5 Trillion economy vision, given that more than 60% of states in India are emerging as CryptoTech adopters."
Also Read: Cryptocurrency Regulation in India – A brief history
Increased Opportunities of Job Creation
The recent report suggests that crypto regulation in India plays an essential role in surging economic value. With an estimation of 184 billion dollars, the crypto tech industry can shape the new era of the nation by 2030.
The survey suggests that the Indian crypto industry have already 50,000 individuals employed. And it holds the potential beneath to increase this by two folds by 2030.
Also Read: In 2021, Is Bitcoin Legal in India?
What’s with Cryptocurrency Exchange Establishment
Over the past twelve months, many cryptocurrency exchanges startups in India have secured millions of dollars in funding. These companies have added thousands of new jobs and gave new space to the enthusiasts. Various listings on Naukri.com and LinkedIn suggest that there are 20,000 candidates are hired in India due to the increase in Indian crypto investors.
"Imposing a ban on cryptocurrencies would mean that the government misses out on the opportunity to tax the gains on cryptocurrency trading. Finally, several cryptocurrency-based startups in India have many foreign investors. Banning cryptocurrencies would essentially mean that India loses out on a huge amount of FDI inflows. These inflows would otherwise have aided to reduce the deficit in India’s Balance of Payments," Patel adds.
“Adoption of cryptocurrencies will also aid inflow of foreign investments from capital-rich countries who are looking for projects to support in this field. Just like the internet which gave millions of Indians the freedom to express and opened new avenues without disrupting the Government’s oversight, cryptocurrencies can also be embraced by us," rounds off Vikram Subburaj adds.
There is no doubt that the cryptocurrency regulation bill will open many facets which we can assess as opportunities. Indian crypto investors are playing a role in contributing to the nation's economy. Also, cryptocurrency and blockchain technology have had drive job creation for the highly skilled youth of India. In this space, future innovations can lead India to some impeccable heights and developing an asset that is much in favor of the nation.
