Jobs and applicants for employment in the cryptocurrency sector have increased substantially in India, despite current attitudes in Delhi towards bitcoin. Significant growth has been registered in the second half of last year, a period of great uncertainty about the crypto future of the country. This month Indian government reaffirmed its commitment to eliminate illicit use of cryptocurrencies. New regulations are expected in March.
The number of cryptocurrency and blockchain related job postings has increased by 290 percent in the six months to November 2017. The trend was reported by the Indian branch of the global job site Indeed. During the same period, job searches with crypto related keywords also rose – by 52 percent.
Describing it as a promising and exciting new field of work, the Managing Director of Indeed India, Sashi Kumar, noted the sector was still in a very nascent stage. He said that the global market for blockchain related products and services is expected to reach $7.7 billion in 2022, Business Standard reported. The expert believes this is "indicative of even more jobs being created in the future".
According to Indeed, India can look forward to a truly digital economy, despite Finance Minister Arun Jaitley's recent confirmation that cryptocurrencies are not a legal tender in country. His announcement came with the presentation of Budget 2018. The Indian crypto community had hoped for more clarity about taxation of cryptocurrency incomes, profits and transactions. Businesses willing to invest in mining and companies involved in trading have also asked for clear policy guidelines.
The Indian government has responded by forming a special committee expected to propose a regulatory framework after studying cryptocurrencies and their legal implications. New regulations should be presented by the end of March. They are likely to involve anti-money laundering procedures and measures to prevent tax evasion. Cryptocurrency exchanges in the country have already been targeted by financial authorities and institutions in regards to suspected dubious transactions.
According to media reports, 10% of bitcoin transactions in the world take place in India. As of September 2017, there were around 15 million blockchain wallet users worldwide, with 200,000 new accounts added each month, Indeed claims. An estimated 1.5 million of these users are based in India, their report says.
Global Jump in Crypto Jobs
The growth on the Indian crypto labor market is not an isolated case but rather part of a global trend. As news.Bitcoin.com reported, other employment websites have also announced that bitcoin-related jobs are booming. Freelancer.com reported 82 percent growth in the third quarter of 2017. The Australian company maintains a global platform connecting employers and freelancers.
A research by the UK-based freelance marketplace Peopleperhour.com revealed demand for experts in blockchain development, cryptocurrency and ICOs had soared by over 500% last year. According to the British platform, crypto freelancers can ask for as much as £215 per hour for their services. With 40 working hours a week their monthly earnings would exceed the annual return of most employees in the service industry, Engage Employee reported. Some of those crypto specialists can take an average UK salary with just 25 working hours a month.