India: Crypto-exchange volumes are falling, but for how long
— Capital getting locked, Trading across, Still fresh, Coindcx, Vice president, Pulled back, Platforms, Crypto, Noise — 1 min read
The global market cap of cryptocurrencies even dropped below $1 trillion during the crypto-winter. This is a far cry from the peak in November 2021 when it amassed $3 trillion. India’s crypto-exchange volumes in India have been severely affected by taxations since 1 April. WazirX has seen a dip of 98%, ZebPay took a hit of 94%, while Bitbns’ volumes has fallen by just 17%. The Reserve Bank of India (RBI) has added an additional 1% TDS on digital assets and cryptocurrencies. The tax is applicable on payments beyond Rs 10,000 in a year, according to the Section 194S in the I-T Act (per Finance Act, 2022). Source