New data on Indian crypto exchange trading volume reveals significant decline among Indians. It comes just ten days after India’s enactment of the 30% crypto tax rule, which went into effect on April 1. Although many stakeholders and operators have warned of the harmful effects.
According to research data shared by Indian blockchain analytics firm Crebaco, trading volumes on India’s leading crypto exchange have dropped by as much as 70% over the past 10 days.
Trading volume on WazirX, India’s leading crypto exchange, dropped from $47.8 million on April 1 to $13.2 million on Sunday. And the trading volume of the CoinDCX exchange fell from $12.16 million to $5.76 million, followed by Bitbns, with a 41.29% overall decline over the past ten days.
Recently Coinbase had tosuspend crypto payment options Just one day after launching a crypto trading service for Indians. meanwhile Payment processors such as MobiKwik have also cut ties with WazirX and other crypto exchanges following recent government warnings.
Numerous stakeholders in the crypto community have warned that such tax measures and additional restrictions on crypto trading would harm the booming crypto economy in the country. And the effects in the early stages are clearly visible.
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