Trading dries up on Indian crypto exchanges as new transaction tax kicks in

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. 

Three exchanges -- ZebPay, WazirX and CoinDCX  -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.

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Those steep declines came from