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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 private cryptocurrencies will go in front of the nations parliament sometime this winter. The measure is designed to clear the way for Indias central bank to advance its digital currency agenda. Whether a sovereign central bank digital currency can coexist with a thriving market of private 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.