The collapse of the digital currency market does not seem to deter Indian companies from looking to hire talent to help them explore the technology. A report from Indeed, a global job website, shows job postings related to digital currency, blockchain and non-fungible tokens (NFTs) increased by 804% from April 2020 to April 2022 .
Other data from the report, as covered by the Indian Express, shows that positions related to digital assets make up the largest share of hires in all tech-related positions. They represent approximately 67.48% of all technician hires from April 2021 to April 2022.
Blockchain app developers also dominate the roles listed by companies actively seeking app developers, data engineers, and full-stack developers. The trend has sent digital currency listings up 315% year-to-date (YTD) in 2022.
According to Sashi Kumar, Head of Sales at Indeed India, the trend is not far-fetched, as India has always been a tech-driven economy. He added that the attractiveness for companies in the country stems from the fact that the blockchain industry is still booming and offers many opportunities.
“Being a tech-driven economy, Indian companies are rapidly investing in technologies that will put the country at the forefront of this new digital era…Blockchain promises to be an exciting new field of work and offers a field of opportunity. ‘huge application, the industry is still very nascent,’ Kumar said.
Regulatory uncertainty in India is still affecting the growth of the digital asset industry
The findings of Indeed’s report are similar to observations made by the HR manager of Binance-backed Indian digital currency exchange, WazirX. Sricharan C. Sricharan noted that since the adoption of the Union Budget 2022, blockchain-related job vacancies in India on recruitment portals have increased.
He attributed the increase to the fact that the tax regime introduced in the EU budget gave some hope to market players. However, this hope is only limited, as the tax regime has had a negative impact on digital asset trading.
According to a Bloomberg report, Indian digital currency exchanges are bracing for an extended “crypto winter”. Their predicament is compounded by complicated fiat entry and exit ramps for customers, the dreaded transaction tax, in addition to falling digital asset prices.
Meanwhile, the government has also been quick to explore other ways to dispose of digital assets. One of the avenues being considered is a CBDC. According to Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar, CBDCs can kill digital currencies globally.
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