in present, cryptocurrency And the blockchain industry is booming due to its widespread adoption globally. Despite having a controversial and complex underlying technology, the cryptocurrency market is seen as a mature industry in which large investors invest their money. This Market Constantly evolving!
In the third edition of FICCI Leeds 2022, Finance Minister Nirmala Sitharaman said, the use of blockchain technology is going to grow by around 46% in the next few years.
How crypto market helps in creating employment opportunities in India
WazirX Vice President Rajagopal Menon cited the latest study by LinkedIn showing that job postings containing “cryptocurrency,” “bitcoin,” or “blockchain” increased by 394% year-on-year from 2020 to 2021.
Menon said, “All these spikes in job opportunities happened even when there were no proper regulations or policies provided by the government. India once had an enabling regulatory framework that supports the development of blockchain and crypto with a pool of developers and available talent. Recognizes the true potential. We have an opportunity to lay the foundation for the new Internet, Web 3.0, in the country.”
In Menon’s view, crypto is where the next big gold rush is taking place, and naturally, VCs around the world are highly interested in investing in this space.
According to a report by New York-based financial services firm Galaxy Digital Research, venture capitalists (VCs) have invested over $10 billion in crypto startups in the first quarter of 2022. It could be in the region of 40-. $50 billion on an annual basis.
Menon said that with the right policies, Indian entrepreneurs can create the next few crypto unicorns in Mumbai, Bangalore and Delhi.
Due to smartphones and super cheap data plans, there has been a boom in content creation in India in recent times. Menon said, “With its large audience, the content platform has tailor-made programs to attract the best creators. Just as China became the factory of the world, so with our knowledge of English, Indians became the content creators of the world. can.
According to WazirX VP, Web3 allows these creators to monetize their talent like never before – our poverty-stricken artisans can create NFTs that will appeal not only to the Indian diaspora but also to the large Western audience that has always Keep looking for new, more. various talents.
Blockchain technology is still in its infancy and has already created a lot of job opportunities under crypto, NFT, blockchain gaming, logistics etc.
“Policy makers need to bring in enabling rules and frameworks to deter talent from leaving the country,” Menon said.
Meanwhile, according to Amanjot Malhotra, Country Head – India, Bitte, the use of cryptocurrencies can provide a decentralized and communal approach towards job creation over a centrally-controlled and profit-driven approach.
The cryptocurrency seems to have established itself as an asset class, and Malhotra believes its economic impact can be seen globally.
There is also job creation in many sectors in which cryptocurrencies are expected to make an impact, especially in India.
Bitte’s India head cited job posting platform data, which showed that job postings that are linked to terms such as cryptocurrency or blockchain saw a 1,000% increase in job searches since November 2015 by over 600%. have gone.
Cryptocurrency jobs have increased nearly 15x since 2019, which is a sign that organizations are looking for people with expertise in blockchain and crypto. Malhotra explained that Blockchain Application Developers, Community Managers, Asset Managers, Blockchain Developers, and Technical Product Managers are just a few of the many roles that could see an increase in hiring.
Malhotra believes that the crypto sector will attract a lot of talent from other sectors and at the same time it is very attractive in terms of growth and culture. “A lot of job seekers from different domains will find lots of interesting opportunities in the cryptocurrency space,” he said.
Furthermore, Malhotra said, “Insights from the industry have pointed out that the use of cryptocurrencies is expected to provide a decentralized and communal approach towards job creation over a centrally-controlled and profit-driven approach.”
According to a report by LinkedIn, there has been a 395% increase in the number of crypto job listings in the United States so far in 2022.
In Malhotra’s opinion, Indians are likely to benefit from increased use of cryptocurrencies
Technological industry in terms of employment. It will also show that the interest factor of professionals working in this field is high. In addition, jobs are being created for marketers, accountants, public policy experts and businessmen.
Ultimately, Malhotra concluded, “the use of decentralized protocols and smart contracts such as dApps has the potential to help industries such as banking and finance, real estate, and employment of government officials.”
Meanwhile, Sakina Arsiwala, co-founder of Taki, said, “The recent regulations by government bodies have left some startups feeling apprehensive. That said, my prediction is that minimal impact will be felt by the overall talent pool. This stems from the fact that, while crypto as an industry is at an early stage, the growth rate is still very high. Amidst the uncertainty, there are even more opportunities for innovation.”
Keep in mind that these rules are being introduced in the crypto industry with the intention of protecting consumers. The Taaki co-founder said that India is a top market for global companies in terms of skilled workforce.
Lastly, Arsiwala said, the Indian crypto-tech industry is expected to grow by leaps and bounds, which also reflects the forecast that the industry will create around one million jobs.
Recently, Betterplace’s Frontline Index Report 2022 revealed that over 8 million jobs were created in the frontline industry in FY22. As retail consumption improved in the post-pandemic economy, the second quarter of FY22 saw a huge increase in demand for frontline workers. Due to the steady increase in jobs in the distribution and retail sectors. E-commerce contributed the most to the demand for frontline workers, followed by logistics and mobility.
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