NEW DELHI: Cryptotech industry is expected to reach $241 million in India by 2030 and $2.3 billion by 2026 globally, according to a report by Nasscom titled ‘Crypto Industry in India’ in association with WazirX. The report suggests that several global banks have started buying crypto and a few across the US, Europe, and Asia are creating blockchain-based systems to enable B2B cryptocurrency payments between their customers.
According to the report, with more than 60% of states in India emerging as cryptotech adopters and over 15 million retail investors, the industry is increasingly attracting new startups.
“Cryptotech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the 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. A consultative and enabling regulatory approach towards crypto technologies can help drive the growth of cryptotech ecosystem and innovation in India,” said Debjani Ghosh, president, Nasscom.