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India's crypto trading volume dries up due to new tax

Shortpedia

Content Team
Image Credit: money control

As the new 1% TDS on crypto trading kicked in on July 1, trading volumes of cryptocurrency have dried up in India. Several crypto exchanges, including WazirX, ZebPay, and CoinDCX have seen a 60-87% decline in trading volume since the tax came into force on July 1. The early signs show the fear of crypto exchanges coming to fruition. Crypto exchanges had earlier warned that the TDS will erode trading volume.