{"id":373924,"date":"2021-11-29T20:00:00","date_gmt":"2021-11-29T17:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\/"},"modified":"2021-11-29T20:00:00","modified_gmt":"2021-11-29T17:00:00","slug":"law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\/","title":{"rendered":"# Law Decoded: India ponders going full China on crypto, Nov. 22\u201329"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfce83441f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfce83441f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\/#Lok_Sabha_to_consider_policy_options\" >Lok Sabha to consider policy options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\/#Powell_to_remain_Omarova_up_in_the_air\" >Powell to remain, Omarova up in the air<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\/#South_Korean_NFT_politics\" >South Korean NFT politics<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Law Decoded: India ponders going full China on crypto, Nov. 22\u201329 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZmNhMzIwZmItYmE1Mi00YTUwLTgyZDgtNDY5ZjYzZDg0NGI1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Are big emerging economies more likely to gravitate toward blanket crypto bans? China has set a precedent, and now it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears as if India could be weighing a similar policy direction: A bill containing a proposed ban on all \u201cprivate cryptocurrencies\u201d will go in front of the nation\u2019s parliament sometime this winter. The measure is designed to clear the way for India\u2019s central bank to advance its digital currency agenda. Whether a sovereign central bank digital currency can coexist with a thriving market of \u201cprivate\u201d cryptos will be one of the central questions of the looming CBDC age, and it is clear that governments will be tempted to use their coercive authority to tilt the playing field in favor of the centralized money that they control.<\/p>\n<p>Below is the concise version of the latest \u201cLaw Decoded\u201d <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter. For the full breakdown of policy developments over the last week, register for the full newsletter below.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lok_Sabha_to_consider_policy_options\"><\/span>Lok Sabha to consider policy options<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the 26 new bills that the Lok Sabha, the lower chamber of the Indian parliament, will take on during the winter session that kicks off this week is The Cryptocurrency and Regulation of Official Digital Currency Bill. The document outlines a set of measures meant to facilitate the creation of a CBDC, including a proposed ban on all \u201cprivate\u201d digital assets, with a few exceptions. The exact implications of the legislation remain a subject of much speculation, with analysts\u00a0offering diverging interpretations of the scope of the potential ban. The market, however, responded in a more consolidated way, as crypto prices on the major Indian exchange WazirX\u00a0tanked on the news.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Powell_to_remain_Omarova_up_in_the_air\"><\/span>Powell to remain, Omarova up in the air<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>United States President Joe Biden nominated Jerome Powell, the current chair of the Federal Reserve System\u2019s Board of Governors, for another four-year term at the helm of the Fed. During one of his recent appearances in front of Congress, Powell stated that a China-style blanket ban on crypto was not in the cards but said that stablecoins needed greater regulatory oversight. During Powell\u2019s 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 \u201cpolicy sprints\u201d aimed at identifying and remedying gaps in digital asset regulation.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"South_Korean_NFT_politics\"><\/span>South Korean NFT politics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Crypto taxation remains a hot-button political issue 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 as well. While the nation\u2019s Financial Services Commission had previously stated that nonfungible tokens, or NFTs, are exempt from taxation, the agency\u2019s chairman\u00a0stated the exact opposite last week. Furthermore, the regulator has come forward with a set of\u00a0strict reporting requirements for digital token issuers, with jail time prescribed for those who fail to comply.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/law-decoded-india-ponders-going-full-china-on-crypto-nov-22-29\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Law Decoded: India ponders going full China on crypto, Nov. 22\u201329 &#8221; Are big emerging economies more likely to gravitate toward blanket crypto bans? China has set a precedent, and now it appears as if India could be weighing a similar policy direction: A bill containing a proposed ban on all \u201cprivate cryptocurrencies\u201d will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":373925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZmNhMzIwZmItYmE1Mi00YTUwLTgyZDgtNDY5ZjYzZDg0NGI1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74863,76308,70550,17318,55229,70934,72420,46483,8575],"class_list":["post-373924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cryptocurrencies","tag-ban","tag-federal-reserve","tag-india","tag-law","tag-regulation","tag-south-korea","tag-taxes","tag-usa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=373924"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373924\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/373925"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=373924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=373924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=373924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}