Crypto trading volumes in India have plunged significantly this year. The FTX meltdown has exacerbated the problem. cryptocurrency bitcoin
Indian Crypto Market Suffers Significantly — Experts Say Trading Volumes Unlikely to Recover Anytime Soon
“I don’t expect any action or recovery for the sector in India in the next six months, until something major gets announced in the Union Budget,” he continued. In this year’s Union Budget 2022, the Indian government imposed a 30% income tax on virtual digital assets, including cryptocurrencies and non-fungible tokens , and a 1% TDS on all transactions of 10,000 rupees or more.Unless something dramatic happens in the Budget this year, we don’t see a steady recovery in trading volumes anytime soon.“Indian users have not been too badly affected by FTX except for the sentiment.
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