Trading volumes at India’s major cryptocurrency exchanges slumped to their lowest in years after new taxes kicked in on April 1, according to research by Crebaco.
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- U.S. dollar trading volume dropped by 72% on WazirX, 59% on ZebPay, 52% on CoinDCX and 41% on BitBns, local media reported, citing Crebaco.
- The drop is largely due to the imposition of a 30% tax and a 1% tax deducted at source levy on every trade.
- Also, mainstream payment gateways such as UPI and MobiKwik have stopped supporting cryptocurrency exchanges.
- These developments have alienated many cryptocurrency day traders, experts say.
- WazirX founder Nischal Shetty tweeted: “Countries that do not acknowledge tech innovation will experience massive brain drain. We’re living in a world where location is irrelevant. Talent will go where it is welcomed!”
See related story: Indian e-wallet provider MobiKwik yanks crypto support