New data on Indian crypto exchanges' trading volume shows a significant decline in trading among Indians. This comes just ten days after the new tax rule implementation.
India's government has introduced a 30% tax on cryptocurrencies which came into effect on April 1. Many stakeholders and exchanges warned against the ill effects such a law may bring.
A research data report by Indian blockchain analytic firm Crebaco shows that trading volume on the top Indian crypto exchanges has declined as high as 70% in the past 10 days.
On India's leading crypto exchange, WazirX, the trading volume declined from $47.8 million to $13.2 million on Sunday.
Only one day after starting its crypto trading services in India, Coinbase had to suspend the crypto payment option. Meanwhile, payment processors such as MobiKwik had cut ties with crypto exchanges like WazirX.
Even though the new crypto taxes have been based on the gambling laws, the fantasy sports and gambling applications in the country still have full access to all forms of payment integration.