A recent study in India by HR company Belong has revealed that over 5000 Indian software developers have the necessary skills to work on blockchain and cryptocurrency projects, reports Inside Bitcoins.
The study claims that out of an estimated two million software developers, 0.25% of them have the skills required for blockchain development and cryptocurrencies, such as data science, algorithms, and cryptography.
The Reserve Bank of India (RBI) recently mandated any financial institutions and banks that fall within its regulatory jurisdiction to terminate any association with individuals or businesses dealing with virtual currencies. Although the mandate will dissuade many crypto investors, there are still channels open for traders and investors to circumvent the system.
Despite this, there are still a number of companies looking to move into the cryptocurrency space. Belong co-founder Rishabh Kaul suggests that India does have the potential to train another 10,000 developers with prior fintech experience, although he suggests another 30,000 would still need extensive training or refining of current skills. The local cryptocurrency market has been rapidly growing, with investor numbers reaching 5m and bitcoin investments in India approaching $2bn.
Adversely, Market Mogul reported recently the difficulties that new and existing cryptocurrency companies may face, apart from lacking qualified staff, due to the government’s recent tough stance on virtual currency. Investors in India will no longer be able to go through established financial institutions to transfer money from their bank to a crypto wallet. This is seen by some as part of a move by the government to eliminate cryptocurrencies from the investment space altogether.
Cryptocurrency in India has had to endure government criticism from very early on. The country’s finance minister has warned that it can never become legal tender, and India’s Central Bank has continued to caution users, suggesting cryptocurrency’s price volatility can cause financial instability.
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