How the Cryptocurrency Market Will Help Create Job Opportunities in India

Currently, the cryptocurrency and blockchain industry is booming with wide adoption globally. Although controversial and having complex underlying technology, the cryptocurrency market is considered a mature industry with large investors pouring their money into it. This market is constantly evolving!

During the 3rd edition of FICCI Leads 2022, Finance Minister Nirmala Sitharaman said that the use of blockchain technology will increase by approximately 46% over the next few years.

How the Crypto Market is Helping Create Job Opportunities in India

Rajagopal Menon, Vice President of WazirX, cited the latest research conducted by LinkedIn found that job postings containing “Cryptocurrency”, “Bitcoin” or “Blockchain” increased by 394% year over year. other from 2020 to 2021.

Menon said, “All these spikes in employment opportunities have occurred even in the absence of proper regulations or policies provided by the government. Once India has an enabling regulatory framework that recognizes the real Blockchain and crypto potential as well as the pool of developers and talent available in the country, we have the opportunity to lay the groundwork for the new Internet, Web 3.0.”

In Menon’s view, crypto is where the next big gold rush is, and naturally, VCs around the world are extremely interested in investing in this space.

According to a report by Galaxy Digital Research, a New York-based financial services firm, venture capitalists (VCs) pumped over $10 billion into crypto startups in the first quarter of 2022. That could be in the region of $40. – 50 billion dollars per year.

With the right policies, Indian entrepreneurs could create the next crypto unicorns in Mumbai, Bangalore and Delhi, Menon said.

Due to smartphones and super cheap data plans, content creation has accelerated lately in India. Menon said, “With its large audience, content platforms have tailor-made programs to attract top creators. As China has become the factory of the world, Indians can become the content creation factory of the world with our knowledge of English.

According to the VP of WazirX, Web3 allows these creators to monetize their talent like never before – our artisans languishing in poverty can create NFTs that will appeal not only to the Indian diaspora but also to the wider Western audience that is always looking for new, more different talents.

Blockchain technology, still in its infancy, has already created many job opportunities under Crypto, NFT, Blockchain gaming, Logistics, etc.

“All it takes is for policymakers to put in place enabling regulations and frameworks to prevent talent from leaving the country,” Menon added.

Meanwhile, according to Amanjot Malhotra, Country Head – India, Bitay, the use of cryptocurrencies can provide a decentralized and community-based approach to job creation versus a centrally controlled, profit-driven approach. .

Cryptocurrency seems to have established itself as a form of asset class, and Malhotra believes its economic impact should be seen globally.

Among the many areas where cryptocurrencies are expected to have an impact is also job creation, especially in India.

The Indian head of Bitay cited data from job posting platforms which revealed that job postings associated with terms such as cryptocurrency or blockchain have increased by more than 600% since November. 2015, with a 1,000% growth in job searches.

Cryptocurrency jobs have increased almost 15 times since 2019, which is a sign that organizations are looking for people with blockchain and crypto expertise. Blockchain application developers, community managers, asset managers, blockchain developers and technical product managers, among others, are some of the many roles that could see an increase in hiring, a explained Malhotra.

Malhotra believes that the crypto sector will attract a lot of talent from other sectors and is very attractive in terms of growth and culture. He added, “Many job seekers from various fields who are looking for employment will find many exciting opportunities in the cryptocurrency space.”

Further, Malhotra said, “Industry insights indicated that the use of cryptocurrencies should provide a decentralized and community-based approach to job creation versus a centrally controlled, customer-focused approach. profit.”

So far in 2022, the number of cryptocurrency job openings in the United States has increased by 395%, according to a LinkedIn report.

In Malhotra’s view, the increase in the use of cryptocurrencies has the potential to benefit the Indian

technology industry in terms of employment. It will also show that the interest factor of professionals working in this space is high. In addition, jobs are created for marketers, accountants, public policy specialists and traders.

Finally, Malhotra concluded, “The use of decentralized protocols and dapps such as smart contracts has the ability to help employ industries such as banking and finance, real estate and government authorities, among others.

Meanwhile, Sakina Arsiwala, co-founder of Taki, said, “Recent regulations from government agencies have caused some startups to feel apprehensive. That said, my prediction is that there will be minimal impact felt by the overall talent pool. This stems from the fact that while crypto as an industry is at a nascent stage, the growth rate is still very high. Amid the uncertainty, there are even more opportunities for innovation.

Let’s keep in mind that these regulations are introduced in order to protect consumers from the crypto industry. India is a top market for global companies in terms of skilled employees, said Taki’s co-founder.

Finally, Arsiwala added, the Indian crypto-tech industry is expected to grow several times, which also reflects the forecast that the industry will generate almost a million job opportunities.

Recently, BetterPlace’s Frontline Index 2022 report revealed that over 8 million jobs were created in the frontline industry in fiscal year 2022. As retail consumption improved in the economy post-pandemic, the second quarter of fiscal 2022 saw a surge in demand for frontline workers. due to a steady increase in employment in the delivery and retail segments. E-commerce contributed the most to the demand for frontline workers, followed by logistics and mobility.

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