Crypto trading volumes in India are dropping dramatically

It is only a few weeks since we announced the approval of the 30% increase in the digital asset tax in India, and we have the first results of this controversial and unpopular decision by the US government, which came into force on April 1 this year. Of course, the majority of the population is dissatisfied with this law, as evidenced by data showing a 72% decline in trade volumes.

As Coindesk confirms, the number of cryptocurrency transactions has fallen sharply, with some exchanges losing three-quarters of their previous volumes. The highest decreases were recorded by WazirX (lost 72% of its volume), ZebPay (59%), CoinDCX (52%), and BitBns (41%). It is thus more than clear that the new tax increase has had a very negative effect on the market, and although many hope that the Indian government will reconsider the law, it is more than unlikely, given their negative attitude towards cryptocurrencies as such.