Why Isn’t India Able To Retain Blockchain Developers?
India has always been a bright hub in terms of technological academia, which later contributes to being the efficient workforce of powerful enterprises and IT companies that move the world. Esteemed institutes and hardcore persistence combine to produce a league of professionals who act as the fuel cells of myriad IT companies. This scene is no different when talking about blockchain developers and the contribution that Indian developers are making to the ecosystem. It has been reported that a confirmed 80% of blockchain developers in India are always on the lookout for job opportunities in foreign land.
Upon digging deeper, it was revealed that among chief reasons due to which Indian blockchain developers are not likely to stick around is the paucity of a capable, self-sustaining ecosystem that developers could contribute to. Alongside, the Indian scene is still quite caught up with fads about the association of crypto and blockchain, and the two being seen as one entity. Neither has this ecosystem been introduced to the concept of public blockchain which makes it more difficult for interested or amateur blockchain enthusiasts to see the potential of Internet of value.
The lack of a proper framework is almost hazardous for the upcoming and emerging ecosystem in India. That is a key reason why there are such few developers in India who can actively contribute in Blockchain development and work along other technical implementations. This was made difficult further after the RBI tightened things up for the crypto community in India. On April 6, the Reserved Bank of India clasped its first hold on the crypto community in India. The cascading effect of this was that banks like AXIS, HDFC, ICICI, YES, Kotak Mahindra and even the SBI were directed to cease their crypto related services and those related to crypto exchanges within the country.
This has affected the Indian collective of blockchain entrepreneurs, developers and exchanges in a severe sense. At a time when the global Blockchain scene is inviting more and more freelance opportunities to developers and breaking the barriers of geography, Indian talents are falling behind due to a certain catch in the nation’s policy towards crypto. These respective employers that are seeking for freelancers pay their employees in crypto, and due the Indian judiciary’s newfound aversion to cryptocurrency thousands of skilled professionals are missing out on some great opportunities. Although it’s hard to comment on the judiciary’s decision, however putting job opportunities which may prove be the big break for thousands of blockchain developers at stake, hardly seems to be a decision in favour ‘of the people, by the people and for the people.’