February 22, 2024

How many new jobs does the crypto industry create

How many new jobs does the crypto industry create

In July, the unemployment rate in Russia reachedhistorical low of 4.4%. Employees of the new industry related to cryptocurrencies, distributed registry technologies and blockchain made a small contribution to this indicator. The crypto industry is gradually creating new jobs and we have collected statistics that show how many more people can be employed in the field of digital currencies.

USA

Job prospects in the US crypto industry are growing despite the 2018 crisis. Compared to 2016, the number of placesoffered by employers grew by 4086%. Most other employees are looking for in Deloitte and other consulting companies that provide BaaS (blockchain as a service) services.

How many new jobs does the crypto industry create

In 2019, the industry again took to the rails andnow the supply-demand ratio in job search has leveled off. Compared to three years ago, both demand and supply have grown. In general, this indicates a favorable time for employment.

How many new jobs does the crypto industry create

A leader among US cities providingjobs in the crypto industry, is San Jose. No wonder, because California has long been hosting leading programmers from all over the world. The whole list looks like this:

  • San jose
  • San Francisco.
  • New York.
  • Austin.
  • Seattle
  • Chicago.
  • Denver
  • Washington.
  • Boston.
  • Los Angeles.

Emigrants occupy a large share of jobs in the USA, but in programming, the proportion of immigrants from India is one of the largest.

India

Dance country runs the risk of facing massiveeconomic crisis, as unemployment is at a 45-year high and is gradually moving up. The percentage of the population under the age of 35 is 62% and this should be an advantage for any state, but only if the majority of young people pay taxes. In India, a different situation is observed.

This year, the unemployment rate among residentscountries from 20 to 24 years old is 32%. Among educated young people who studied at the magistracy, about 13% do not have official employment. The overall unemployment rate is 8.3%.

How many new jobs does the crypto industry create

Initially, financial experts around the worldThey were skeptical about cryptocurrency and its importance in the financial world, but in recent years their opinion has changed a lot. The invulnerability of a decentralized blockchain to government prohibitions has forced even the greatest skeptics to recognize the need to regulate crypto projects to replace their prohibitions.

An example for the blockchain was the dot-com boom, whichbrought many states a new stream of income. The economy of India in the early 2000s was still too weak for the full development of web technology and attracting money. Now the situation is different and a country with a large number of resources can seize its share in a new emerging market.

Counting

Cryptocurrency Regulation Expectedto give $ 13 extra billions every year, but these are just rough estimates of profits from existing firms. More accurate figures provided the analytical company CREBACO.

How many new jobs does the crypto industry create

Currently there is a banking system in IndiaRBI ban, which causes serious loss of money to the country's cryptocurrency projects. Exchanges Koinex, ZebPay and CryptoKart were forced to stop cryptocurrency operations and only WazirX remained in India. WazirX CEO insists on the benefits of regulation from an economic perspective and emphasizes its necessity in the context of the country's prospects: 

“India – is a nation orientedon technology, and technology in turn creates new jobs and exporters in India. Blockchain – This is the next frontier of technology, and if India passes it by, what message are we sending to the world? A signal that we do not understand advanced technologies. Fewer jobs will come to India from cryptocurrencies, which will ultimately lead to a loss of foreign investment and continued migration of programmers to the UK, US and European Union countries.”

What is the advantage of India

India has been the world's leadingsupplier of outsourcing services for IT companies, due to the cheap payment for the mental labor of local coders. Matic COO Sandeep Nailwal believes that blockchain and cryptography can take India to a leadership position in the IT sector, gradually moving away from outsourcing. The company was founded two years ago as a scalable layer 2 solution for the Ethereum blockchain. Then the capitalization was $5 million, but now the turnover has grown to $30 million per year, and the capitalization – up to $138 million. Matic Network can be considered an excellent example of a cryptocurrency startup that successfully operates in a country with a problematic economy.