Technology is in a perpetual state of motion, always adapting to new narratives and purposes.
The introduction of blockchain technology, also known as Web3, marked a significant milestone in the Indian Market. Emerging from the principles of decentralization, which challenges centralized power, the complex world of blockchains and cryptocurrencies managed to captivate the public’s imagination in a remarkably short time.
With time, the enthusiasm for blockchain has spread extensively, leaving hardly any location on the global map untouched by this disruptive concept. The United States and Europe have been the primary centers of crypto growth, as most media reports and analyses suggest.
However, the developments in other parts of the world tell an equally fascinating story. So, what happens when the blockchain wave reaches a country with a population of over 1.4 billion?
India Market: Emerging Giant
K33 Research, a firm specializing in digital assets market analysis, recently released a report. The report surveyed the global crypto landscape in relation to value creation and employment.
One significant finding highlighted a noteworthy trend in the Asian market. The Indian market surpassed the Chinese market to become the leading employer in the crypto industry. As per reports, India represents 20% of the total crypto workforce on the world’s largest continent. On the other hand, China, previously recognized as the crypto trading and mining capital of the world and the largest Asian economy, slid to the second position with a 15% market share.
Source: K33 Research
India’s growing prominence not only impacted the Asian market but also had global implications. With approximately 12,900 crypto employees, India secured the third spot in terms of crypto employment. As a result, India is now following the United States and the United Kingdom.
Moreover, the report pointed out that Indian talent was not limited to the domestic sector. A substantial number of Indians were employed by prominent crypto companies around the world. India emerged as the second most common origin country for US-based crypto firms and the fourth most common origin country for companies in the United Kingdom.
Indian Crypto Industry’s Strong Fundamentals
In the past thirty years, the Indian Market has emerged as a dominant force in the field of software development and information technology (IT) services. The country’s remarkable achievements in this area can be attributed to a combination of factors. These factors include a strong higher education system, a sizable English-speaking population, and favorable policies enacted by successive governments.
In 2022, approximately 9.75 million Indian developers actively participated on GitHub, the prominent software development collaboration platform. Notably, GitHub stands as the second largest developer community worldwide, following the United States. GitHub’s report projected that India’s developer population would equal that of the U.S. by 2025.
K33 Research’s aforementioned report also highlighted the significance of developer roles in India’s crypto job market. The report emphasized the importance of their substantial contribution.
Umesh Kumar, the Founder of SunCrypto, a home-grown cryptocurrency exchange in India, expressed his views on the rapidly growing crypto landscape in the country. Mr. Umesh noted;
“Blockchain & Web3 are revolutionizing the digital landscape. They offer decentralized solutions and transform industries like finance, gaming, and supply chain management. With the potential to enhance transparency, security, and inclusivity, Web3 and blockchain technologies are gaining traction across startups, enterprises, and government initiatives in India.”
Polygon Network’s Connection to India
The Polygon network, launched in 2017, has emerged as a prominent player in the Web3 domain. The project has been at the forefront of introducing innovative enhancements, with the specific goal of promoting decentralized systems.
Boasting a substantial Total Value Locked (TVL) of approximately $843 million (₹69 Billion), Polygon hosts a diverse range of decentralized applications (dApps). Notably, its native token MATIC has garnered significant attention and currently holds a market cap exceeding $6 billion (₹493 billion) on global trading platforms.
Interestingly, the founding team of Polygon primarily consists of Indians, including the current CEO Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun.
Sandeep Nailwal has openly shared his modest beginnings as a Delhi native and reflected on the challenges he faced at the start of his career. Nevertheless, Polygon has become the pinnacle of his professional achievements.
It is undeniable that Polygon stands as a remarkable representation of Indian Web3 expertise.
Indian Government’s Favourable Stance
The Government has taken notice of the growing Web3 ecosystem. Despite skepticism surrounding cryptocurrencies, the establishment has shown a relatively positive attitude towards underlying blockchain technologies. Last year, Finance Minister Nirmala Sitharaman also discussed CBDCs, stating that upcoming CBDCs will be based on blockchains and other technologies.
Furthermore, the government also introduced the Bharat Blockchain Network, a nationwide hybrid blockchain network aimed at fostering projects of national importance last year. This unique initiative is designed to facilitate startups across India in experimenting with various use cases and launching their blockchain projects.
IDS, the project developer, has planned a Web3 tech tour named “Bharat Blockchain Yatra,” commencing this month (August 2023). This six-month-long tour will span 18 Indian states and will feature boot camps, hackathons, round table discussions, and more. The primary objective is to promote blockchain technology as a powerful tool capable of addressing real-world challenges.
Conclusion
While everything appeared to be in order from a distance, India lacked a legal structure for the use of cryptos and blockchains. Experts predict that India would undoubtedly present a proposal to establish a tangible regulatory framework for cryptocurrency at the upcoming G20 meeting in New Delhi in September 2023.
Taking note of the delay, the country’s highest court recently criticized the government, as per a report by the local media organization Hindustan Times. The Supreme Court called the lack of clear crypto standards “unfortunate,” and ordered the government to establish a special organization at the national level to deal with crypto disputes.
This string of positive occurrences for the Indian crypto community suggests that the world may soon see India as the leading crypto adoption country.
To know more about the growing emergence of crypto and blockchain in the Indian Market, go check out SunCrypto Academy.
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