Indian crypto trading volumes slump following hefty taxes
Cointelegraph
Published Jul 04, 2022 10:10PM ET
Updated Jul 06, 2022 12:20AM ET
Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since Friday, when a 1% tax per transaction was enforced in the country.
The Tax Deducted at Source (TDS) came into effect on Friday and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by Sunday. Volumes have stabilized slightly since hitting lows but are still down 56.8% on average, according to CoinGecko.
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Written By: Cointelegraph
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