Indian crypto exchanges` volume declines 30%

Indian Crypto Exchanges’ Volume Declines 30%

Fresh data on Indian crypto exchanges’ trading volume indicates a significant reduction in trading practices among Indians just ten days behind the tax rule implementation. Despite many stakeholders and exchange operators ‘ warnings about its ill effects, India’s current 30% crypto tax rule impacted on April 1.

A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph reveals that trading volume on top Indian crypto exchanges has dropped as high as 70% in the past ten days.

The trading volume on WazirX, the leading crypto exchange in India, plunged from $47.8 million on April 1 to $13.2 million on Sunday. CoinDCX’s trading volume fell from $12.16 million to $5.76 million, followed by Bitbns with an overall decrease of 41.29% in the past ten days.

Apart from severe crypto tax laws directly inspired by India’s gambling laws, many payment processing partners that offer Unified Payments Interface (UPI) accessibility have also severed ties with crypto exchanges.

Tax Measures Are Impractical and Harming

Coinbase recently had to stop the crypto payment option just a day after inaugurating its crypto trading services for Indians. Meanwhile, payment processors such as MobiKwik had slashed ties with WazirX and other crypto exchanges after a current warning from the government.

Interestingly enough, even though crypto taxes have been established on the gambling laws, the country’s fantasy sports and gambling applications have full admission to all forms of payment integration, including UPI.

Many stakeholders in the crypto community have cautioned that these impractical tax measures and added restrictions on crypto trading would harm the booming crypto economy in the country, and the early effects are visible.

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