After the Indian government implemented the cryptocurrency tax in the country, there was a large amount of money out of the country.
According to a study by Esya Centre, Indians are against cryptocurrencies. a strict taxation from local stock exchanges in the country to international stock exchanges after the implementation More than $3.8 billion sent.
The government, led by Prime Minister Narendra Modi, on Feb. 30%; for every transaction made with cryptocurrencies. 1% had a tax.
The first of these taxes came into effect on April 1 and the other on July 1.
According to research by Esya Center 1% tax the first time after the implementation of the four months in the trading volume of cryptocurrency exchanges in the country 81% drop it happened.
Nischal Shetty, CEO of WazirX, one of the largest cryptocurrency exchanges in the country, said that after these taxes began to be implemented, people “will not move away from cryptocurrencies, but will instead find ways to escape the domestic system” he had said.