The crypto tech industry is on its way to a huge global expansion within the next five years. The latest research report by India’s top tech trade association has predicted the global crypto tech market to reach a value of $2.3 billion (approximately Rs 17,087 crore) by 2026. For India, the report has predicted the crypto tech market to reach a valuation of $241. million (about Rs 1,790 crore) by 2030. Crypto adoption by many banks in the US, Europe and Asia regions has been highlighted as a major factor driving growth in the crypto sector.
India’s primary non-governmental tech trading body, Nasscom, published its findings earlier this week in a report titled “Cryptotech Industry in India”.
“Bitcoin, decentralized finance (DFI), crypto capital and central bank digital currencies (CBDCs) are driving the growth of the crypto market,” the report said.
Globally, there has been an increase of over 650 per cent in lending on DeFi platforms, the study said. DeFi systems allow financial products to be displayed on a public blockchain network that is not regulated by a central bank or intermediary.
Internationally, bitcoin, the world’s most valuable cryptocurrency, emerged as the fastest digital asset to reach a market capitalization of $1 trillion (about Rs 74,29,420 crore) – surpassing the value of the US dollar alongside gold. .
crypto status in india
The analysis has predicted a bright future for cryptocurrencies in India.
According to the report, more than 60 percent of Indian states have emerged as early adopters of crypto technology.
Highlighting the benefits of crypto technology in India, over 15 million retail investors, especially budding start-ups are the key driving force behind this rapid adoption.
Since cryptocurrencies are not yet regulated by any bank, they can be used to facilitate large amounts of payments in an untraceable manner regardless of geographic restrictions.
Nasscom President Debjani Ghosh said, “India offers the most unique ecosystem for crypto technology to play a transformative role in strengthening key priority sectors such as health, security, digital identity, trade, finance and remittances.”
Ghosh further added that an advisory and competent regulatory approach towards crypto technologies can help drive the growth of crypto technology in India.
Currently, Indian Finance Minister Nirmala Sitharaman is ignoring the drafting of the Cryptocurrency Bill. The draft will be tabled in the upcoming winter session of Parliament.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.