Indian crypto trading volume drops as much as 63% after new tax

The trading volume on Indian cryptocurrency trading has dropped by almost 63 percent since July 1, when the 1% source tax levy (TDS) was released.

Quick facts

• Daily trading volume on cryptocurrency exchange WazirX dropped more than 63% on July 1 to $ 5.36 million, up from US $ 14.53 million on June 30, according to Some News running on internet.
• CoinDCX trading volume was reduced by about 20% to US $ 2.09 million on July 1, from US $ 2.62 million on June 30.
• India imposes a 1% tax on the sale and transfer of more than 10,000 crypto assets of Indian rupees (approximately US $ 127) as of July 1, adding 30% lower tax on all crypto revenue effective 1 April.
• The level of trading in India’s largest cryptocurrency trading has dropped to 70% since April 1, according to a study by Crebaco.
• Trading prices rose sharply when CoinDCX saw a 33.69% decline in the last 24 hours, while WazirX dropped 20.08%, According to Some Reports on Internet.

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