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India's Cryptocurrency Industry Reels As New Tax Hammers Trading

Rabu, 06 Juli 2022 | 19:04 WIB
India's Cryptocurrency Industry Reels As New Tax Hammers Trading

ILUSTRASI. India's new cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges. REUTERS/Dado Ruvic/Illustration

Sumber: Reuters | Editor: Anastasia Lilin Yuliantina

KONTAN.CO.ID - MUMBAI. India's new cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90%.

The 1% tax on Indian cryptocurrency trades from the start of this month has been a further disincentive for investors in a market where a burdensome regulatory regime and a 30% digital income tax had already knocked volumes by 60%-70%. Traders and industry executives said.

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