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no crypto ban in India – trading volume is increasing



 Following an announced tax law for cryptocurrencies in India, the trading volume of crypto exchanges increases significantly. There is also movement in the CBDC plans.


Indian Finance Minister Nirmala Sitharaman announced a 30 percent tax on crypto transfers at the parliamentary budget session on Feb. 1, BTC-ECHO also reported . This immediately led to a spike in trading volume on Indian crypto exchanges, as it also means that the country's former crypto ban cravings are off the table - albeit at a very high cost.


For example, the 24-hour trading volume of WazirX , a Binance subsidiary, is up over 56 percent. At the same time, the price of the WRX token rose by over 25.3 percent. The trading volume of local competitors such as Unocoin and CoinDCX also increased significantly.


There is currently no law in India that defines the legality of cryptocurrencies. However, investors see the finance minister's decision as a signal that the authorities want to legitimize the crypto market in the near future . The CEO of WazirX, Nischal Shetty , has spoken positively about the planned steps towards regulatory clarity. 


But a tax of 30 percent? This is the highest tax rate in India. Many observers believe that could deter investors. Ajeet Khurana , founder of Stealth Mode Crypto Startup , also says that it would be unfair to tax every transfer in full and not just the profit.


The Ministry of Finance in India has also announced the launch of a central bank digital currency (CBDC). The digital rupee is intended to make currency management more efficient and cost-effective. Current plans envisage the Reserve Bank of India issuing them from 2022/23.


It is phenomenal news that India is launching a blockchain-backed digital rupee. This move will pave the way for cryptocurrency adoption and put India at the forefront of innovation



, Shetty said enthusiastically about the plans. 

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