India’s blockchain and digital currency related job ads grew by 804% since 2020: Indeed
The downturn in the digital currency market does not seem to deter companies in India from hiring talents who will help them explore the technology. A report by Indeed, a worldwide job site, shows that job postings related to digital currency, blockchain and non-fungible tokens (NFT) increased by 804% from April 2020 to April 2022.
Several data from the report covered by Indian Express show that digital asset-related job roles make up the largest share of employment in total technology job roles. They account for approximately 67.48% of all technology hires from April 2021 to April 2022.
Blockchain application developers also dominate the roles of companies actively looking for application developers, computer engineers, and full-stack developers. The trend has caused digital currency entries to increase by 315% so far this year (YTD) in 2022.
According to Sashi Kumar, sales manager for Indeed India, the trend is not far-fetched as India has always been a technology-first economy. He added that the attraction for companies in the country is a result of the fact that the blockchain industry is still flourishing and offers many opportunities.
“As a technology-first economy, Indian companies are rapidly investing in technologies that will put the country at the forefront of this new digital age … Blockchain promises to be an exciting new field of work and offers huge applications, the sector is still very beginning,” said Kumar .
India’s regulatory uncertainty continues to affect the growth of the digital assets industry
The findings in Indeed’s report are similar to observations made by the head of human resources at the Binance-backed Indian digital currency exchange WazirX. Sricharan C. Sricharan noted that since the adoption of the Union budget in 2022, blockchain-related job advertisements in India on recruitment portals have increased.
He attributed the increase to the fact that the tax regime introduced in the Union budget gave market participants a certain level of hope. However, this hope is only to a certain extent, as the tax regime has negatively affected the exchange of digital assets.
According to a Bloomberg report, Indian digital currency exchanges are preparing for a protracted “crypto winter.” Their situation is exacerbated by complicated fiat-on-and-off ramps for customers, the dreaded tax on transactions, as well as the plummeting prices of digital assets.
Meanwhile, the government has also not given in to exploring more ways to eradicate digital assets. One of the ways being considered is a CBDC. According to Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar, CBDCs could kill digital currencies globally.
See: BSV Global Blockchain Convention Panel, Blockchain in the Middle East and South Asia
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