7/3/2022 0 Comments
According to data from data aggregator nomics.com, daily trade volume at cryptocurrency exchange WazirX decreased by more than 63 percent on July 1 to US$5.36 million from US$14.53 million on June 30.
From US$2.62 million on June 30 to US$2.09 million on July 1, CoinDCX trading volume decreased by about 20%.
On top of the 30 percent flat tax on all cryptocurrency revenue that went into effect on April 1, India added a 1 percent tax on the sale and transfer of crypto assets over 10,000 Indian rupees (about $127) as of July 1.
Since April 1, trading volumes at India's top cryptocurrency exchanges have decreased by as much as 70%, per Crebaco analysis. In the last day, CoinDCX had a decline of 33.69 percent, while WazirX experienced a drop of 20.08 percent.
Despite having about 15 million users, WazirX anticipates a reduction in transaction volume from $45 billion to $20 billion or perhaps less for the fiscal year that ends in March.
While the majority of that can be ascribed to the decline in cryptocurrency values, particularly Bitcoin, taxes have also made purchasing the asset more difficult. very erratic
The fact that investors must wait until the end of the fiscal year to receive money back would limit their access to capital even though they are entitled to a tax refund from the government if their losses surpass a certain threshold.
We will work around the clock to provide Crypto news.
Click on the dropdown button to translate.
Translate this page:
You can translate the content of this page by selecting a language in the select box.
All Altcoins Bakkt’s Exchange Bangladesh Crypto Currency News Bitcoin News Bitcoin Wallet Crypto Bills Crypto Currencies And Rappers Crypto Currency Exchange Crypto Currency News Crypto Currency Politics Crypto Price Prediction Crypto Roundups Crypto Staking Crypto Taxes Elon Musk Ethereum Federal Reserve Ira Platform Make Money MeMe Crypto Metaverse Mining’s Rig NFT Nigeria Crypto Currency News Our 1st Round Picks For 2022 PayPal Prophet Muhammad Crypto Currency Reddit News Robinhood Short Articles Stablecoin Staff Picks Vietnam Crypto Currency News