Crypto Trading Volumes In India Sink Due To Heavy Taxation, What’s Ahead?

Cryptocurrency trading is taking another pattern and shape in India due to the implementation of taxation laws. As a result, the traders are experiencing a different turn in their transactions lately in the country. The new rule in India for 1% taxation on every transaction has been enforced from July 1. Also, the government has a taxation rule of 30% on crypto income for traders, investors, and other participants in the field. Subsequently, trading volumes have made a drastic drop over the applied law. On average, India’s three prominent crypto exchanges recorded up to 72.5% dip since the enforcement of the Tax. Related Reading | Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week From July 1, India enforced the Tax Deducted at Source (TDS), creating a negative stance for traders. This has brought a plunge in the overall crypto trading volumes in the country, as witnessed by most exchanges. According to the reports, the record on July 3 shows that CoinDCX had a 90.0% drop in trading volumes. On the part of BitBNS, the decline was about 37.4%. Data from CoinGecko revealed slight stability in volumes after crashing to the low values. However, the average record shows a downward move of 56.8% in the volumes. Most notable crypto traders are currently on edge with the outplaying of recent events in the Indian crypto market. One of the traders, Shounak Shetty from Mumbai, disclosed his opinions concern...