Cryptocurrency trading volumes in India have plunged further across exchanges. crypto bitcoin $BTC
Cryptocurrency trading volume in India continues to slide after the government began taxing crypto income at 30% without allowing any loss offsets or deductions.
According to crypto research firm Crebaco, cryptocurrency trading volumes have fallen from last week across all major exchanges, Moneycontrol reported. Wazirx suffered a 72% drop in trading volume, Coindcx 52%, and Zebpay 59%. In addition, MobiKwik reportedly withdrew its services across exchanges on April 1 amid unclear regulations. Mobikwik was one of the preferred methods of payment to purchase cryptocurrencies at exchanges.Mobikwik did not give any specific reason for withdrawing its services. We were just told that they won’t be partnering with exchanges anymore.that it has fully launched in India and users could transfer funds to buy crypto using the Unified Payments Interface system.
On July 1, another damaging tax will go into effect. Crypto transactions will be levied a 1% tax deducted at source . An Indian parliament member recentlyMeanwhile, the Indian government is still working on a framework for crypto. Finance ministry officials are reportedly with international organizations, including the International Monetary Fund and the World Bank, as well as the Reserve Bank of India and other domestic regulators.
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