According to a report from the country’s premier trade body for the tech industry, the crypto industry in India has the potential to add $184 billion in economic value in the form of investments and cost savings by 2030.
The report, titled “Crypto Industry in India,” was released in collaboration with Binance-owned crypto exchange WazirX by the National Association of Software and Services Companies (NASSCOM).
The “CryptoTech” industry, which includes companies involved in trading, payments, remittances, retail, and other activities, is expected to be worth $241 million in India by 2030, and $2.3 billion globally by 2026.
In India, the industry currently employs 50,000 people, a figure that NASSCOM expects to increase to over 800,000 by the end of the decade.
This expected exponential growth is likely to be fueled by the country’s young population’s rapid adoption of crypto-related investments.
Crypto investment in India has increased dramatically in the last year, according to a recent report from blockchain analytics firm Chainalysis, which claims a jump from $923 million to $6.6 billion.
This has occurred despite a cloud of regulatory uncertainty hanging over the country, with the country’s government proposing an outright ban at the start of this year.
Following that, the government softened its stance, suggesting in June that bitcoin would be classified as an asset class under a proposed crypto regulation bill.