Indian cryptocurrency exchanges and operators are currently in an uncertain state, unsure whether or not the government will unveil new regulations. However, the country’s cryptocurrency and blockchain industry is booming, according to statistics collected by Indeed, a popular job portal.
“In the six months to November 2017, the number of cryptocurrency and blockchain jobs posted on the Indeed website rose by 290 per cent.
Bitcoin Q&A: Job opportunities with cryptocurrencies
In the same period, job searches with keywords related to cryptocurrency/blockchain also rose by 52 per cent,” shared the report.
It also added that India currently has roughly 10 percent of all Bitcoin wallets, amounting to a total of 1.5 million.
Optimism surrounding blockchain technology is understandable, as Indian states like Andhra Pradesh use it to manage their cadastral services.
While the country has so far been friendly to the idea of blockchain, its attitude towards cryptocurrencies is not as positive.
Sashi Kumar, Managing Director of Indeed India, said about as much regarding blockchain technology, noting that although the sector is still “in a very nascent stage,” the market is expected to reach $7.7 billion by 2022, “which is indicative of even more jobs being created in this sector in the future.”
Just a few days ago, India’s Finance Minister announced that the government will eliminate the illicit use of cryptocurrencies in the country.
He also said that they will not be recognized as legal tender.
The report said that despite these statements, with the government’s “proactive approach” towards blockchain technology, “India can look forward to a truly digital economy.”
What is perhaps most surprising is the fact that the cryptocurrency market in the country is growing despite the amount of uncertainty regarding future government actions.
Although it seems much less likely now that the Indian government will ban cryptocurrencies outright, there is no telling what kinds of regulations they will impose on exchanges in the near future.