Author: Jagdish Kumar, India
With Indian government still not clear on whether to implement Blockchain, many Blockchain developers are looking to move out of the country, a survey released by blockchain community, Incrypt said.
A survey found that as there is no framework on Blockchain technology, India developers can lose jobs in the sector, as many foreign clients are outsourcing jobs to India companies.
The survey was conducted among 100 developers over a period of six months focuses on how the current regulatory climate is affecting core development activity and Blockchain entrepreneurship in India.
Speaking on this, Incrypt founder, Nitin Sharma said that at the time when the information technology (IT) sector is losing jobs, India can be a leader in providing Blockchain developers to the world with having a full ecosystem at can attract global investment in the sector.
As there has been in a delay and no clear signals, many Blockchain developers are shifting their bases to nations like Singapore, Dubai, Estonia and Switzerland that offer tax incentives and e-residency for startups, the survey report added.
The Reserve Bank of India (RBI) on April 6 notified banks to stop offering services to exchanges and crypto-related businesses in India, which has taken a toll on blockchain entrepreneurs, developers and exchanges in India.
Though a committee formed under National Institution for Transforming India (NITI) Aayog, a policy think tank of the Indian government is working on a paper to highlight the prospective use of blockchain technology, which is yet to submit it to the government.
According to the paper, the notion that bitcoin or any crypto asset is not necessary to derive value of blockchain technology adversely affects the innovation ecosystem.
Blockchain projects are creating new job categories, leading to hiring more full stack, front-end and back-end engineers globally, Sharma said.
On investment front, Indian Blockchain startups could raise only $5.3 million in the last two years, as compared to $2 billion raised globally in equity deals in Blockchain startups through equity globally.
Incrypt also suggested that regulating fundraising through initial coin offerings (ICOs) will significantly improve access to capital for early stage ventures.
The report notes that public Blockchains are needed to unlock the internet of value.
Incrypt said potential innovations of adopting public blockchains spans across micro grids, financial inclusion, asset quality and liquidity, health records and data marketplaces.
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