This week’s Law Decoded: A week in Davos

View this email in your browser A week in Davos May 23-30, 2022 Written by David Attlee Editor's Note Last week saw a major — if not the most important — international event in finances: the World Economic Forum annual meeting in Davos, Switzerland. Thousands of bankers, policymakers, journalists and influencers from around the world got together in a picturesque Swiss town to discuss the future of the global economy. Of course, Cointelegraph couldn't miss it. Bankers against central bank digital currencies? Anything could happen at Davos. During a special panel, Bank of Thailand governor Sethaput Suthiwartnarueput warned about the risks of CBDC's design such as scalability affected by anonymity. Bank of France Governor François Villeroy de Galhau went even further by stating that "CBDC is not the monopoly on progress." Other refreshing statements were voiced during a panel discussion of crypto's carbon footprint. CEO of the Stellar Development Foundation, Denelle Dixon, urged attendees not to "pick one winner" among the variety of blockchain consensus mechanisms because that would "defeat the purpose of blockchain" altogether. Skybridge Capital managing partner Anthony Scaramucci seemingly agreed, equating decentralization with antifragility. Authoritarian digital currencies and how to defend from them What we haven't seen that much in the short history of crypto is some proper foreign affairs fear-mongering. Well, last week became an exception, as three United States senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a "Defending Americans from Authoritarian Digital Currencies Act." It proposes to prohibit the use of China's digital currency payment system, the digital yuan, in U.S. app stores. Continue reading Portugal says "Não" to crypto taxes The Portuguese congress, the Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies. That means the country will continue to enjoy the status of a crypto tax haven. Not only has the trading been exempted from any taxes in 2018, but profit from it is not considered investment income. This time, the plans of the country's Minister of Finance, Fernando Medina, to finally impose taxes on crypto have seemingly failed. Continue reading Brazil's Federal Reserve wants to tax like-kind exchange The situation is very different in another Portuguese-speaking country, Brazil. Here, the Federal Reserve has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve a like-kind exchange of cryptocurrencies. For example, that would mean that if you exchange some Bitcoin, even without a further conversion to the Brazilian national currency, you would still have to pay taxes on the operation. Continue reading Further reads 📚 Digital identities will lie at the core of the Metaverse. Lottie Wells from Wirex explains why. The Terra collapse could prove to be a turning point for stablecoin regulations around the globe. How are regulators working together on crypto? Sadly, not so well.  Does the United Kingdom have a high chance of out-competing its continental neighbors with recent regulatory plans? Yes, experts believe.  The recent Bitcoin volatility doesn't sound good for an ambitious El Salvador crypto project. But, maybe, only in the short run.  Interested in the business behind blockchain and crypto? Subscribe to Crypt Biz 3.5 million people follow us on social media Download our official app:

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