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 per cent.
"The amount of regulatory tangles, lack of ease of doing business and paperwork that has been created on every single trade has made investors and traders wary and we are seeing that people are moving to international exchanges or to the grey market." Bitcoin, the world' largest cryptocurency, has had the worst quarter on record, with the price down 56 per cent and the outlook still challenging..