Are big emerging economies more likely to gravitate toward blanket crypto bans? Mainland china has set up a precedent, and at present it appears as if Republic of india could be weighing a similar policy management: A bill containing a proposed ban on all "individual cryptocurrencies" will get in front of the nation'due south parliament sometime this winter. The measure out is designed to articulate the way for India's central banking concern to advance its digital currency agenda. Whether a sovereign central bank digital currency tin can coexist with a thriving marketplace of "private" cryptos will be one of the fundamental questions of the looming CBDC age, and information technology is articulate that governments will be tempted to use their coercive authorisation to tilt the playing field in favor of the centralized coin that they control.

Below is the curtailed version of the latest "Police Decoded" newsletter. For the full breakup of policy developments over the last week, annals for the full newsletter below.

Lok Sabha to consider policy options

One of the 26 new bills that the Lok Sabha, the lower bedchamber of the Indian parliament, will accept on during the winter session that kicks off this week is The Cryptocurrency and Regulation of Official Digital Currency Pecker. The certificate outlines a set of measures meant to facilitate the creation of a CBDC, including a proposed ban on all "private" digital assets, with a few exceptions. The exact implications of the legislation remain a subject area of much speculation, with analysts offering diverging interpretations of the telescopic of the potential ban. The market place, however, responded in a more than consolidated mode, equally crypto prices on the major Indian substitution WazirX tanked on the news.

Powell to remain, Omarova up in the air

United states of america President Joe Biden nominated Jerome Powell, the current chair of the Federal Reserve System's Board of Governors, for another four-twelvemonth term at the helm of the Fed. During ane of his contempo appearances in front of Congress, Powell stated that a China-fashion blanket ban on crypto was not in the cards but said that stablecoins needed greater regulatory oversight. During Powell's current tenure, which is set to expire in February 2022, the Federal Reserve has been actively exploring the possibility of issuing a CBDC, as well as teaming up with federal regulatory agencies for crypto-focused "policy sprints" aimed at identifying and remedying gaps in digital asset regulation.

South Korean NFT politics

Crypto taxation remains a hot-push political upshot in South korea, as the government is sending mixed signals on whether new rules, including a 20% tax on crypto income, will go into effect starting Jan. 1, 2022. Which types of digital assets fall under the updated tax code remains murky too. While the nation's Financial Services Commission had previously stated that nonfungible tokens, or NFTs, are exempt from taxation, the agency's chairman stated the exact opposite concluding calendar week. Furthermore, the regulator has come up forrad with a set of strict reporting requirements for digital token issuers, with jail time prescribed for those who fail to comply.