With words, such as Blockchain, Cryptocurrency and Bitcoin taking the shape of catchphrases, people are seeking the help of internet in the lookout of jobs pertaining to cryptocurrency and blockchain sector. This has become evident through the 290% hike in cryptocurrency jobs searches over the last six months ending November 2017.
This trend was reported for the first time by the Indian branch of Indeed – a global job site. At the same time period, job searches having cryptocurrency related keywords underwent a 52% hike.
Sashi Kumar, the managing Director of Indeed India described the situation to be highly promising and filled with new opportunities and scope to showcase one’s true potential. Sashi however agreed to the fact that the cryptocurrency jobs market was still in its nascent stage but is hopeful that within 2022, the global market for products and services related to blockchain will reach the $7.7 billion mark. The expert strongly believes that this is, “indicative of even more jobs being created in the future”.
Also Read: Bitcoin Specific Job-Listings Increase Rapidly On LinkedIn
Job portal Indeed has revealed that India is walking on its path of becoming a truly digital economy. This is really surprising given the fact that the Indian Finance Minister Arun Jaitley confirmed recently that cryptocurrencies shall not be branded with the stamp of a legal tender in the country. Though this does not means that “../cryptocurrencies-not-legal-tender-of-money/” target=”_blank” rel=”noopener noreferrer”>cryptocurrencies are banned in India. He made this announcement while presenting the 2018 Budget prior to which the Indian crypto community were hoping against all odds for further clarity about the taxability of crypto income, transactions and profits.
Companies involved in trading and businesses who had invested in cryptocurrency mining had sought out clear cut policy guidelines from the Indian regulators regarding their future course of action. In response, the Indian government had set up a special committee which is expected to study the legal implications of these virtual tokens and propose a regulatory framework for its functioning. The committee is scheduled to reveal its research findings within the end of March 2018 and are most likely to implement preventive measures concerning tax evasion and money laundering which has been frequently associated with crypto usage.
Financial authorities and institutions have already targeted the crypto exchanges in India under suspicion of them participating in dubious transactions. As per media reports, India is home to 10% of global bitcoin transactions. Indeed, claims that 15 million blockchain wallet users are active on a global basis as on September 2017 with 2,00,000 fresh accounts being added every month. Their report has also suggested that 1.5 million of such users are from India.
Considering the global growth trend, the Indian cryptocurrency jobs market cannot be considered to be an isolated case. Employment websites have already reported a boom in the growth curve of cryptocurrency jobs.
The Australian company Freelancer.com reported an 82% hike in cryptocurrency jobs in the third quarter of 2017. Peopleperhour.com, a UK based freelance marketplace has revealed that the demand for blockchain development, ICO and crypto experts have undergone an exemplary rise by 500% from previous years’ figures. As per the British platform, freelancers having cryptocurrency jobs are charging an hourly fee of $125 in exchange of their services.
Engage Employee reported that by taking a weekly estimate of 40 working hours, these freelancers can generate a monthly corpus higher than the annual earnings of most employees belonging to the service industry. Some of the cryptocurrency specialists are taking home an average UK salary by devoting as less as 25 working hours in a month.
Also Read: Bitcoin Related Jobs Grows 82 Percent in the current fiscal’s third quarter.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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