Lakhs jobs likely in India’s crypto market !!!

According to a Nasscom report published in partnership with crypto exchange WazirX titled Crypto Industry in India, cryptotech has the potential to create more than 8 lakh jobs by 2030, up from 50,000 individuals employed currently. Moreover, the industry is expected to reach $241 million in size by 2030 in India. So far, $6.6 billion have been invested by Indian retail investors in different crypto assets such as Bitcoin, Ethereum, Polygon, etc., the report noted. The industry, which includes crypto applications in trading, P2P payments, remittances, and retail among others has grown by 39 per cent in the last five years in India.

“CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as a fastest growing technology sub-sector. India provides the most unique ecosystem to CryptoTech 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,” said Debjani Ghosh, President, Nasscom.

Finance Minister Nirmala Sitharaman had informed reporters in an interaction that clearance from the Cabinet is awaited on the bill. Earlier this month, former Deputy Governor of RBI R Gandhi at an event had said that crypto needs to be treated as a foreign asset and should be taxed on the basis of its payment channels. “It should be paid through normal channels when it is bought otherwise it will be deemed as mined and capital gained and taxed heavily. This will be a voluntary disclosure. Then if it is proved mined, capital gained and taxed is likely,” Gandhi had said.
Posted On: Sep 28, 2021

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