Best DEX Platform in India

India’s TDS tax on Crypto brought a dip in Volume overnight

By SilverLineswap | SilverLine Swap | 7 Apr 2022


India’s TDS on Crypto brought a dip in Volume overnight. 

The Indian government announced a 30% tax on the Cryptocurrency in the month of April. The TDS created a panic in selling and the volume of Crypto dropped to $100+Million.

Perceptions:

  1. India’s imposition, which is the 30% TDS on the Crypto assets is creating a panic.
  2. Over the past 5 days, the crypto volume slid by over 50% across all the Prominent Indian Crypto exchanges
  3. So many Crypto personalities are claiming that levied tax has hardly affected the Crypto market.
  4. In which way the TDS has affected the Crypto Market?

India’s new Crypto tax law which was implemented on the first of April, has created fear among the crypto investors and moreover the 30% TDS on crypto assets is the highest tax when compared to neighboring countries of India. Singapore and Malaysia, are levying the lowest tax on the cryptocurrency transaction just like Indonesia’s. 

The 30% TDS on Crypto transactions in all the prominent Indian crypto exchanges  brought stir in the Volume of the Cryptocurrencies. And the crypto volume dipped by over 50% over the past five days. As per the newly introduced rules and regulation on Virtual digital assets within the nation has affected the growth of the Crypto market in India.

The famous Crypto personalities are in the dilemma whether they should invest in the Crypto platform or not. Because this tax brought confusion among the Crypto personalities in selling and buying. And Notable Cryptocurrencies Personalities took twitter to express their displeasure about the 30% tax on crypto transactions. 

Namely, Adithiya Singh,the Co-founder of YouTube Channel Crypto India,  was quoted by saying;

   “ India should aim at becoming the Crypto hub of the World, Instead of Suppressing this industry with heavy taxes. These will create so many jobs and GOI”. 

Adding to this, Nischal Shetty, Co-founder of India’s largest Cryptocurrency exchange, WazirX, noted that the laws will affect the position as leader within the global crypto landscape.

Yes! Crypto is the next future which will create job opportunities for youngsters. Each and every one should know about the Crypto currency market and how to invest and buy. Recently I found one of the Interesting platforms called SilverLineSwap!! This platform is easy to invest, Stake and Buy. Especially their features, which are very impressive and definitely help to uplift the economic status of backward communities.  To know more about the SilverLineSwap platform kindly check with the official website.

SilverLineSwap Social Communities: 

Twitter | Telegram | Reddit | Discord | YouTube | Instagram | Facebook

How do you rate this article?


9

0

SilverLineswap
SilverLineswap

The silverline token is a utility token, aiming to provide safety to investors through its own decentralized exchange and a private dashboard! SLN token is at the heart of the SilverLineSwap ecosystem. Buy it, Win it, Farm it, Spend it, and Stake it.


SilverLine Swap
SilverLine Swap

The silverLine token is a utility token, aiming to provide safety to investors through its own decentralized exchange and a private dashboard! SLN token is at the heart of the SilverLineSwap ecosystem. Buy it, Win it, Farm it, Spend it, and Stake it.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.