The crypto tech industry is enroute a vast global expansion within the next five years. Latest research report by India's top tech trade association has predicted the global crypto tech market to reach the value of $2.3 billion (roughly Rs. 17,087 crores) by 2026. For India, the report has predicted the crypto tech market to reach the valuation of $241 million (roughly Rs. 1,790 crores) by 2030. Crypto adoption by several banks across the US, Europe, and Asia regions has been highlighted as a key factor to trigger growth in the crypto sector.
Nasscom, India's primary non-government tech trade body has published its findings in a report titled “Cryptotech Industry in India” earlier this week.
Lending on DeFi platforms has grown by more than 650 percent on a global level, the study said. The DeFi system allows financial products to appear on a public blockchain network that is not regulated by a central bank or intermediary.
Internationally, the world's most-valued cryptocurrency Bitcoin emerged as the fastest digital asset to reach market cap of $1 trillion (roughly Rs. 74,29,420 crores) — surpassing the value of gold as well as the US Dollar.
Crypto situation in India
The analysis has predicted a bright future for cryptocurrencies in India.
As per the report, over 60 percent Indian states have surfaced as early adopters of crypto tech.
More than 15 million retail investors, especially budding start-ups are the key driving force behind this rapid adoption while also highlighting the benefits of crypto tech in India.
Since cryptocurrencies are not regulated by any bank as of now, they can be used to facilitate large amounts of payments in an untraceable way regardless of geographical restrictions.
“India provides the most unique ecosystem to crypto tech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification, trade, finance, and remittances,” Debjani Ghosh, president, Nasscom said.
Ghosh further added that a consultative and enabling regulatory approach towards crypto technologies can help drive the growth of crypto tech in India.
Presently, Indian finance minister Nirmala Sitharaman is overlooking the draft formulation of the Cryptocurrency Bill. The draft will be presented to the Parliament in its upcoming winter session.