80% of Indian Blockchain Developers will be no other option but to move out of the country to work on foreign projects if the government does not provide a clear regulatory framework, according to a survey conducted by Incrypt.

The survey included more than a 100 Indian developers over a period of 6 six months, conducted by Incrypt, a Blockchain community leader based out of Bengaluru.

According to the survey, the delay in the release of a regulatory framework by the Indian authorities is causing a loss of Jobs, drag in capital infusion and is hindering innovation for a lot of Blockchain Entrepreneurs.

The RBI had issued a notice 3 months back restricting banks from operating with any Crypto related services which went into effect from April 6th after which all the major exchanges have stopped deposits and withdrawals in Fiat.

Nitin Gupta, founder of Incrypt said:

“Blockchain projects are creating new job categories, leading to hiring more fullstack, front-end and back-end engineers globally, At a time when IT services industry is losing jobs, India needs to move fast in putting in place appropriate regulations to manage risks and attract global investment in blockchain. “

The Indian Government seems to have a “Blockchain, not Bitcoin” approach, as they are in favor of private Blockchains, several state-backed Blockchain projects are in development and are being explored.

But the government doesn’t seem to be in favor of Public Blockchains like Ethereum which makes it hard for developers to build applications on the public Blockchains.

As the data shows, Blockchain jobs skyrocketed in 2017 and are still on the rise even though Cryptocurrency prices have dropped in 2018, and India has one of the largest pools of developer talent out of which only 5000 developers have the right Blockchain skills.

Blockchain companies like Consensys have also been active in the Indian Blockchain community by conducting courses and Hackathons recently as they recognize the huge talent pool present in the country.

With a booming economy, restricting people from using technologies like Cryptocurrencies will result in India lagging behind in the next technological revolution and a lot of talent will end up moving out as one cannot stop innovation but can only exclude oneself out.



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