India’s Crypto Trading Volume Plunges Further as Mobikwik Stops Payment Service – The government of India began taxing cryptocurrency profits at 30% without permitting any loss offsets or deductions, and trade volume has continued to decline.
According to Moneycontrol, cryptocurrency trade volumes have decreased from the previous week across all major exchanges, according to crypto research firm Crebaco. Wazirx’s trading volume fell by 72 percent, Coindcx’s by 52 percent, and Zebpay’s by 59 percent.
MobiKwik, meanwhile, apparently stopped operating across exchanges on April 1 due to ambiguous restrictions. Mobikwik was one of the most popular payment methods for buying bitcoins on exchanges.
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According to the publication, a crypto exchange official said:
“Mobikwik did not specify why it was discontinuing its services. They just informed us that they will no longer be cooperating with exchanges.”
Coinbase, a Nasdaq-listed crypto exchange, revealed last week that it had fully launched in India and that users could utilize the Unified Payments Interface system to transfer payments and acquire bitcoin.
The National Payments Corporation of India, which invented UPI, responded by claiming that no cryptocurrency exchanges use the system.
Another unfavorable tax will take effect on July 1. A 1% tax on cryptocurrency transactions will be deducted at the point of sale. A member of the Indian parliament recently highlighted why the crypto business will be suffocated by this tax.
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India’s Crypto Trading Volume Plunges Further as Mobikwik Stops Payment Service – Meanwhile, the Indian government is still developing a crypto framework. Officials from the Finance Ministry are said to be talking with international organizations such as the World Bank and the IMF, as well as the Reserve Bank of India and other domestic regulators.