Despite regulatory uncertainty and government’s warning over cryptocurrencies, the number of job postings related to cryptocurrency and blockchain has increased by 290%, along with its job searches containing crypto related keywords which have risen by 52%, reported Times of India.
The trend was reported by the Indian branch of the global job site Indeed. Describing it as a promising and exciting 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. The expert believes this is “indicative of even more jobs being created in the future.”
The report further stated that as of September 2017, there were around 15 million blockchain wallet users worldwide, an estimated 1.5 million of these users based in India, with 200,000 users being added each month globally.
“Despite the Finance Minister’s recent announcement at the Annual Budget 2018 that cryptocurrencies are not to be considered legal tender in India, with the government’s proactive approach towards understanding and exploring the possible applications of blockchain technology, India can look forward to a truly digital economy,” the report said.
Crypto freelancers can ask for as much as £215 per hour for their services meaning that with 40 hours a week their monthly earning would exceed the annual return of most employees in the service industry.
The rise in cryptocurrency related jobs is not limited to India but can be witnessed in rest of the world. According to a report by CNBC, Bitcoin-related jobs are the fastest growing category of role at Freelancer.com, an international employment marketplace.
Another web-based employment search site, AngelList, also agrees with the exponential growth in cryptocurrency jobs, stating, “Money is pouring into cryptocurrency startups. From the Angel List data we looked at, in the first half of 2017 alone there was more money invested in cryptocurrency startups than in all of 2016 combined.”
Few days back, the acting secretary of the department of economic affairs stated that the Indian government will have a more concrete set of crypto regulations in place by the end of March. It’s not yet clear exactly what the regulations will entail, but statements by Indian government officials have nodded toward the need for measures to enforce KYC and AML on exchanges and other crypto firms.
Earlier, India’s income tax department has issued 100,000 tax notices to cryptocurrency investors in the country, in sign of a government crackdown on the use of the cryptocurrencies.
Prior to that, nationwide survey in India has revealed that in last 17 months of period, people in the country have invested in Bitcoin and other cryptocurrencies worth whopping US $3.5 billion.