Crypto trading in India plummets as much as 70% as new hurdles scare off investors
Two big developments have soured investors’ outlook and put the future of crypto in India in doubt.
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The cryptocurrency boom in India, which has the world’s second-largest community of crypto investors, may be turning into a bust.
Trading on cryptocurrency exchanges in India has plummeted as the government imposes a new, higher tax rate on crypto earnings and banks refuse to transmit payments to exchanges due to regulatory uncertainty.