Cryptocurrency trading volume in India has slumped by up to 40% since a new tax law was introduced in the country earlier this month.
Various industry representatives reported that the country had seen a significant dip in the individual trading volume at various exchanges.
Founder and CEO of India’s biggest cryptocurrency exchange WazirX, Nischal Shetty, confirmed that trading volume was down 30-40% over recent weeks.
He was joined by CoinDCX CEO and co-founder Sumit Gupta who confirmed the downward trend and said that the platform had lost 30-35% of its trading volume.
BuyUcoin executive Atulya Bhatt said that he saw as much as 70% of trading volume go down.
India Blockchain Alliance founder Raj Kapoor confirmed that the estimated downturn in crypto trading was anywhere between 30% and 40%.
The change was occasioned by the country’s new tax law that was introduced on April 1 and added a 30% tax on crypto earnings, along with 1% tax on every crypto transaction in the country, making it one of the most significant changes to the sector in recent years.
After India talked for a while about completely banning cryptocurrency trading over the past months, a more lenient approach was chosen. Still, new challenges occurred with the government looking to capitalize on crypto, which many fear would stifle competition and alienate consumers. Much of this has already happened.
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