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Indian crypto exchange struggling with difficulties, new rule coming from July 1 will increase the challenge! -Newshubweek

Indian crypto exchange struggling with difficulties, new rule coming from July 1 will increase the challenge!
-Newshubweek
Written by Arindam

The uncertainty prevailing in the crypto market for several months still persists. This has seriously hurt the confidence of investors. India’s crypto market is no exception to this. The slowdown in the market and government restrictions on the crypto industry has further increased its decline and also harmed the crypto exchanges. It is reported that the Reserve Bank of India (RBI) is progressing on a pilot project to introduce blockchain technology in its banking system.

Bloomberg has written in a report that many big names of India’s crypto industry are laying off their employees. Most Indian businesses are trying to tread cautiously as they prepare for the new tax rates to be introduced for the sector. Actually, from July 1, TDS will be levied at one percent source on payment of digital assets or cryptocurrencies of more than Rs 10,000 in a year.

The report says that trading volumes on WazirX, one of India’s fastest growing cryptocurrency exchanges, have fallen by 95 per cent since October last year due to new tax regulations. Quoting Rajagopalan Menon, WazirX’s vice president, Bloomberg has written that last year was the golden age for the company and it had hired a large number of people in a short span of time.

However, the company is not preparing for any major layoffs yet. Right now she is cutting down on such things which are not very important. Only people are being hired on important posts. The company says that it is only hiring in important positions, no money is being spent at all.

This preparation is to avoid the crypto winter that is being felt. Not only Indian exchanges have been affected by this, but cryptocurrency exchanges across the world and other businesses associated with this industry have laid off their employees. Among them are important platforms like Crypto.com, Coinbase, Gemini, Robinhood, Bitso, Bybit and BlockFi which are going through a shortage of employees. Talking about the Indian crypto exchange, recently Wald has also shown the way out to 30 percent of the employees. It is estimated that in the month of June alone, 1700 people have been out of this industry.

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Arindam

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