India's regressive crypto tax laws kick in from 1st April.. Monero P2P platforms are already seeing a boom

India's regressive tax laws come into effect from 1st of April.. hardly a week left for it.

This includes a flat 30% tax on all crypto trades.. because the govt enabled and helped you to trade right? ????

Also you cant claim capital losses, but have to pay capital gains. Lol..

And the worst of the lot, each time you trade, you have to remit 1% of the trade to the government as tax deducted at source. For example if you buy $100 BTC, you pay $1 right away, the seller is supposed to deduct this..so you only get $99. This will kill market makers who make hundreds of trades every day to provide liquidity. Imagine if they have to pay 1% on each trade, their capital is going to get sucked out pretty hard. As a result you will have very thin order books on CEX as market makers will exit.

Since the laws are kicking in soon, Monero p2p platforms have gained some popularity.

This is a popular Monero platform that was almost a ghost town even in January with hardly any traders, but all of a sudden there are dozens of sellers there with hundreds if not thousands of trades.

Monero p2p boom

Bisq has not seen much growth though, as it has a steeper learning curve..

These laws show the government is clueless as to what crypto is and how much . As ZK tech becomes more popular, it would be much more easier trading P2P crypto with one another