According to Crebaco Global data, volume on Indian stock exchanges fell 44% after the 30% tax imposition that started on April 1.
According to the news of OutlookIndian, Crebaco Global has increased its volume on April 4, compared to the volume on March 31. There is a 44% decrease explained.
To crypto investors in India on April 1 Draft law proposing the introduction of a 30 percent tax had come into force.
Although some commentators thought that this would not hurt India’s cryptocurrency market volume, there was a serious drop according to the first data received. Crypto and blockchain research firm Crebaco Global Cryptocurrency exchanges are down told.
According to the statements of Nischal Shetty, one of the founders of WazirX, which is affiliated with Binance and one of the leading exchanges in the country, after this tax was announced, the exchange 30% in the number of new users per day there was an increase.
Sidharth Sogani, CEO of Crebaco Global, said in a statement on the subject:
The tax is too high, and that’s a hindrance. This tax restricts not only the small investor but also ecosystem growth. Most blockchain developers are considering moving abroad.
said.