• Sat. May 21st, 2022

Regulatory hammer hits Bitcoin, Dogecoin Trading in India

ByHazel R. Lang

Apr 12, 2022

A shadow of fear and uncertainty in India’s cryptocurrency ecosystem has brought the country’s major exchanges to their knees with trading volumes like Bitcoin BTC/USD, Ethereum ETH/USDand Dogecoin DOGE/USD hit a six-month low.

Crypto Exchanges WazirX, ZebPayand Giotto have seen their trading volumes decline at a faster rate since the introduction of the 30% tax on profits from digital assets by the Indian government, according to the Economic Times.

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Data from Coingecko showed that WazirX’s trading volume was down more than 70% from March 31. At the same time, ZebPay’s transaction volume was down more than 51%. Trading volumes on major cryptocurrency exchanges fell 92-98% on April 10 at one point from peaks seen last year.

The fall came around the same time that Indian regulators are cracking down on UPI wallets providing services to cryptocurrency exchanges.

Indian payment service provider MobiKwikwhich had partnered with leading exchanges like CoinDCX and WazirX stopped its services after NPCI, UPI watchdog said it was “not aware of any crypto exchange using UPI”.

According to the publication, nearly 65-90% of WazirX’s business eroded after e-wallet MobiKwik disabled its services on the platform.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $40,118, gaining 1.47% in the last 24 hours, at the time of writing. Ethereum was trading at $3,015, up 1.24% over the same period.

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