India’s Interest In Crypto Declining After Budget 2022: Google Trends Search Data

According to the last 90 days of Google Trends search data, the declaration of a flat 30% tax on revenue from cryptocurrencies and other virtual digital assets in the Union Budget 2022 appears to have harmed Indian retail investors’ interest in crypto. On February 1, the day before the budget, searches for the phrase “cryptocurrency” or “India Crypto” reached an all-time high, with a reading of 100. On most days since then, the readings have been in the 17-9 area on average. Not just that, the states from which this data comes are also limited now, suggesting that the trend is not picking up interest all over the nation. On Budget Day, the reading for the search phrase “crypto” was likewise at its highest, at 100. Since then, it’s been in the 36-13 range, with Chandigarh leading the way, followed by Daman and Diu, Goa, Haryana, Sikkim, Delhi, Tripura, Maharashtra, Manipur, and Jammu & Kashmir. Crypto Volume Has Dropped Due to Tax Implications Trading volume on key crypto exchanges decreased by as much as 90% after just a few weeks of the new crypto tax law taking effect, as projected. Traders are either shifting their cash away from centralized crypto exchanges or opting for a holding strategy over trading, according to the fall in trading activity. In an interview with CNBCTV18, Nischal Shetty, the CEO of WazirX said that the tax implications on crypto are a matter of great concern for the future of the market here. He said: ...