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Ten days since India’s new tax on crypto profits came into effect on April 1, crypto trading volumes in India have plummeted.
According to cryptocurrency research firm, Crebaco, that analyzed data of four Indian exchanges, a significant drop in volume occurred.
CoinMarketCap and Nomics data revealed a loss of 72% on WazirX, 59% on ZebPay, 52% on CoinDCX and 41% on BitBns.
Crebaco CEO Sidharth Sogani said:
“This has created a new benchmark. It can go further down or sideways, but it is unlikely to go back up. It is clear that the new tax has impacted the market negatively. The government must look into this, and because there is no way to stop this (crypto), the government should embrace the technology,”
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It is yet to be determined if the nosedive in trading volumes is a result of India’s new tax law as it is resembling global market sentiment.
Sogani added:
“April 1, 2, and 3 were holidays. Since then, volumes are continuing to fall. I don’t think this will return,”.
India’s is now taxing profits made from crypto transactions at a 30% rate, while not allowing to offset gains with losses from other crypto transactions. On July 1, the most controversial provision, a 1% tax deducted at source (TDS) liability, will be coming into effect.