RBI’s Blockchain Decision Could Lead to More Unemployment in India

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There are lucrative job opportunities in the blockchain sector. The Bangalore city is leading in terms of providing a wide range of opportunities in this field. According to the research conducted by Indeed which is a recruitment website, there are more than 36% of the blockchain jobs in India and the Bangalore city is offering the highest number of the employment opportunities in this sector. The worldwide market for products related to the blockchain is expected to reach around $ 7.7 billion by the end of the year 2022.

There is a steep rise in the number of Blockchain jobs in Bangalore

There will be a higher number of jobs which will be created in this sector in the coming times. The volume of the blockchain jobs in Bangalore is the most elevated which is followed by the Hyderabad, and even the NCR (National Capital Region) is also seeing a good share of interest in this field. During a recent press release, the Reserve Bank of India had contemplated the introduction of the digital currency which is fiat based, and it will be fully regulated. The RBI also added restriction to the banks and other institution on providing service to any blockchain based projects and cryptocurrency exchange dealing with virtual currencies. This indicates that the RBI has not done their homework before announcing this restriction. With a recent story by QZ.com which covered the unemployment rate in India: “India’s unemployment climbs to 7% at 31 million”. These numbers are going to increase in near future if the decision is not reversed.

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After this announcement, a petition was filed by an unidentified user for altering the way the Government of India is handling the matter of virtual currencies. An online petition became viral after 21K users have shown the support to make India the forefront of the blockchain.

RBI has formulated a committee for the regulation of the cryptocurrency and also for understanding its current structure as well as the legal implications.

The utility of this technology is quite extensive with its application in a diverse range of sectors

Even the Governments across the globe are now taking a positive approach towards the understanding as well as the exploration of all sorts of possible applications of this technology. In fact, the country can look forward to the positive growth in this sector. The number of blockchain jobs in Bangalore and other parts of the country witnessed quite a significant jump last year. Many of the people think that the Blockchain has its association with Bitcoins only but the utility of this technology is quite broad with its application in a diverse range of sectors. This means that the firms in the majority of the areas in India will be hiring the professionals who can work on it.

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