Thursday, September 28, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / Crypto Trading Volumes in India Collapse 10 Days After New Taxes: Crebaco
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
April 11, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

Crypto Trading Volumes in India Collapse 10 Days After New Taxes: Crebaco

Crypto Downtrend

According to data compiled by Crebaco, a cryptocurrency research group, crypto trading volumes on India’s major exchanges have plummeted since April 1, the day the new tax law went into force.

Data from Coinmarketcap and Nomics, a data provider, was used to compile volumes for four Indian exchanges. WazirX is down 72 percent, ZebPay is down 59 percent, CoinDCX is down 52 percent, and Bits is down 41 percent, according to the statistics. The transactions were conducted in US dollars.

India’s crypto tax law, which imposes a 30% tax on earnings from crypto transactions and does not allow losses from other crypto transactions to be offset, went into effect on April 1, 2022. The most contentious element, a 1% tax deducted at source (TDS) liability, will not go into effect until July.

It’s unclear whether the decline in trading volumes is due to the new tax law, but the data suggests that it’s in keeping with the global trend.

According to Crebaco’s Sidharth Sogani, the data was produced by analyzing four to five credible exchanges.

“The 1st, 2nd, and 3rd of April were all holidays. Volumes have continued to decline since then. This isn’t going to happen again, in my opinion. This has established a new standard. It may go further down or sideways, but it is unlikely to return to its original position. The new tax has clearly had a detrimental impact on the market.

The government should investigate this, and because there is no way to stop it (crypto), the government should welcome it,” he stated.

Suril Desai, a top crypto lawyer, says it’s unclear whether the decline in numbers indicates that trade has slowed or shifted elsewhere. “Exchanges are the only source of trading volume for us.” “It’s possible that off-chain deals are taking place for which there is no record,” Desai added.

Other exchangers did not respond to demands for comment by press time, while ZebPay indicated they “won’t be commenting.”

The new tax regulation, according to Sathvik Vishwanath, co-founder and CEO of Unocoin, another large Indian exchange, is impacting the market.

cryptocurrency
Previous Post
Crypto and gaming collide in high-risk 'play-to-earn' economies
Next Post
Top 5 cryptocurrencies to watch this week: BTC, NEAR, FTT, ETC and XMR

Related Posts

Russia Crypto
News
Russia to set rules for international crypto payments by year’s end
September 13, 2022 by admin
blockchain and mobile app
Blockchain
Mobility & Blockchain: How Does Blockchain Development Aid in Business Growth?
September 6, 2022 by admin
Monkey Ball Crypto
Crypto Blockchain Game NFT
Monkey Ball Crypto Game Play – Monkey League Explained
August 27, 2022 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • Poppy Playtime NFT and the controversy latest updates
  • How To Bring Virtual Fashion Into The Mainstream
  • What is Cryptocurrency, and how does it work?
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • Crypto Heirloom, Apex Legends - Ultimate Guide
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
September 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2018 Cryptex. All Rights Reserved.