Cryptocurrency regulation in India can create jobs and revenue
The economy in India is going through a tough phase & the rate of unemployment in the country is quite high. In addition to this, the annual growth rate of the country is taking a significant back seat. A few years back, India was one of the massive and fastest-growing economies across the world. Nevertheless, the present situation of the country tells a different story altogether.
If the government of the country doesn’t take an immediate step, then India might go through a significant economic meltdown. In a developing country such as India, unemployment is one of the massive concerns for the youths. Moreover, the youth in the country under the age of 25 years do not have jobs or employment. In addition to this, the population that comes under the age group of 35 years are going through unemployment by 62%.
If a country has a massive percentage of the population under 25 years of age, then the country is advantageous. Nevertheless, in India, the greatest set back is that the 25-year age group do not have jobs. Moreover, it also suggests that they do not contribute to the economy of the country.
The unemployment rate in India is around 32 per cent
State of India’s Environment in the year 2019 suggests that the population of age group 20 to 24 are the labour force. By the looks of it, the labour force in India has an employment rate of 32 per cent. Moreover, the rate of unemployment considering the youth with graduation degree saw a shift from 10.4% to 13.17%.
According to sources, this was the statistics from 2017 May-August to 2018 September-December 2018. Back in August 2019, the unemployment rate in August was around 8.3%. The unemployment rate in the urban areas is around 9.4 per cent whereas the rate of rural unemployment is at 7.8%.
Cryptocurrency regulation can revive the economy of India
The economy rate of the country is currently in a dire need for rejuvenation. The current estimation suggests that by regulating cryptocurrency, India will have a steadfast growth in the economy, i.e., by 12.9 billion revenue. However, it is important to note that this is only a rough estimation which comes from exchanges, firms, and individuals.
It is important to note that the regulation of cryptocurrency will not just provide significant amounts of job. Rather it would provide miscellaneous jobs which are only possible with cryptocurrency. A blockchain namely, CRABCO, is a conventional cryptocurrency analytics firm which details how the regulation of cryptocurrency can give rise to direct job creation for different professions such as cryptocurrency traders.
Additionally, blockchain technology requires coders so the software developers will also find a job in the cryptocurrency industry. The opening up of cryptocurrency service providers and new exchanges would also provide jobs to the youth of the country.
The Chief Executive Officer of CREBACO recently told AMBcrypto that there are interests and awareness regarding cryptocurrency and blockchain. The current economy of the country is in the recession period, and this is creating a lot of problems. With the inception of new financial and banking institutions that supports cryptocurrency, things will change drastically.