September 28, 2021
According to a Nasscom report published in partnership with crypto exchange WazirX titled Crypto Industry in India, cryptotech has the potential to create more than 8 lakh jobs by 2030, up from 50,000 individuals employed currently.
Moreover, the industry is expected to reach $241 million in size by 2030 in India. So far, $6.6 billion have been invested by Indian retail investors in different crypto assets such as Bitcoin, Ethereum, Polygon, etc., the report noted. The industry, which includes crypto applications in trading, P2P payments, remittances, and retail among others has grown by 39 per cent in the last five years in India, according to Financial Express.
However, the Reserve Bank of India (RBI) had repeatedly noted its concerns about cryptos and conveyed the same to the government for the final decision with respect to regulations. Earlier this month as well, RBI Governor ShaktiKanta Das in a webinar organised by The Indian Express and the Financial Times. Shaktikanta Das had said “I think we need more credible answers as to whether going forward, what contribution private cryptocurrencies will make to the Indian economy going forward. We need to be convinced with more credible explanations and answers.”
Last month, Finance Minister Nirmala Sitharaman had informed reporters in an interaction that clearance from the Cabinet is awaited on the bill.
Earlier this month, former Deputy Governor of RBI R Gandhi at an event had said that crypto needs to be treated as a foreign asset and should be taxed on the basis of its payment channels. “It should be paid through normal channels when it is bought otherwise it will be deemed as mined and capital gained and taxed heavily. This will be a voluntary disclosure. Then if it is proved mined, capital gained and taxed is likely,” Gandhi had said.
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