In a rather interesting turn of events recently, on the 21st June, the Supreme Court of the United States issued a ruling on Wisconsin Central Ltd. v. United States. It was basically a court case over a dispute to ascertain if worker stock options were taxable as "compensation" in the same way money is taxed.
79-year-old associated justice Stephen Breyer drafted the argument backed by three other Justices of the court. In the ruling it has been noted that "what we view as money has changed over time."
What we are unaware just yet are the implications due to the reference to Bitcoin and the questions it may raise eventually. Personally, I think it's incredible that a US Supreme Court judge considered it appropriate to make reference to Bitcoin.
It's my sincere hope that this reference to Bitcoin cryptocurrency sets a precedent for courts all over the world when discussions and debate on cryptocurrencies end up at the judiciary for a ruling if cryptocurrency is an evolution to the existing monetary system.
Now in India we're facing our own issues with regards to the central bank making unilateral decision of banning banking services to crypto-exchanges. Supreme Court of India has set a date of 3rd July for IAMAI's petition and the rest have been clubbed for a hearing on the 20th of July. Banking services ban comes into effect on the 5th of July.
Now the answer to the question, "If an American Supreme Court reference to Bitcoin set a precedent for the Supreme Court of India," is that the judges can choose to do so at their discretion. But typically judges tend to weigh in on previous decisions made by their own court.
But, I reckon if the judges were presented with this information they may even take it into consideration because monetary system as we know it is evolving whether central banks accept this fact or not. I'm unsure if current petitioners at the court would include this information in their defence against the RBI.
It would be wise to consider another fact that: the nature of judgements from the Supreme Court of India are generally a mix of liberal and conservative. Therefore, there's a good possibility we may seen the banking ban lifted. But I wouldn't celebrate anything until we know for certain.
You can find the entire document here
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
India has a lot of tech saavy people who will surely find a way to bring crypto back to the people even if it is banned
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah. It would be great indeed!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yup that took me by surprise. The mention of Bitcoin at this juncture is to crucial to be ignored as mere coincidence.
Sometimes we underestimate these old men (I certainly do) who live within the bureaucratic and legal circles. The truth is that they have been around for a long time and seen the changes in society over times. They probably know better than anyone else as to what is coming in the future.
Although we also have to keep in mind that US and India have different stance on this issue from day one. Although the optimist side of me will keep its figurative fingers crossed but I am not too confidant in decision going our way, at least for now. But I know that we will win in the long term game and this bear run would be a thing of past in the next couple of years.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I fully agree. However, the changes we are seeing in perceptions of people in the judiciary is very interesting and must be noted. Especially considering the fact that in this case the Bitcoin reference was drafted by a 79 year old judge and supported by other fellow justices who in their career in law must've seen it all and then some!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's for sure ................I mean even if I am not too optimistic but in the last year or so, crypto has taught me to trust the uncertainty in the world. Anything can happen at this point. Frankly man, I am willing pay bitcoin to see the decision go in our favor :-)
Who knows, maybe the old dudes will come through 😊
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
India is crazy, they're just gunna do there own thing I think. They have to many people high up that are old and stuck in the past. At least the US has politicians that are pro crypto and believe and invest in it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
People losing their minds over the developments of the last couple days are probably very thankful for these rays of hope you shine on them every now and then.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
haha thanks man. This affects me too and I'm trying my best to retain users from India on Steemit. Don't want two years of efforts marketing Steem/Steemit, onboarding and retention activities going wasted and people fleeing feeling this place is of no use as law may forbid it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, it's a rough time for anyone involved, I can imagine.
All the more reason to commend those that look into the eye of the abyss without blinking.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I do not think it can, as the court decision of one country cannot be as the source of law for another country or as part of international law.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I see. However, this is more of a reference to Bitcoin as a change in monetary system than a ruling that it is 'the' change in monetary system. But it would be nice if it were possible. Wishful thinking on my part for now.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This to me signals Banks are scared, and if anything its a bullish case for crypto.
I feel bad people from india will have to jump through hurdles to participate of the ecosystem, but I sincerely hope they do the complete opposite of what the government wants them to do.
If they are able to embrace a Peer to Peer system they can effectively tell regulations to take a hike.
you can't kill a good idea, you can just delay it, and mind you not by much either...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, this will take sometime but quite possible this P2P market will grow in the next year if current activities are halted.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hope for the best in india regarding cryptocurrency
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Fear from big banks in front imminent presence of the crypto makes possible these discussions at the court level, I hope with optimism that this does not in the future does not become a monopoly more on the part of the banks.
And finally We don`t forget that the laws are based on precedents we must be aware of how this affects the market
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
well good information thanks for posting
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't know yaar,what all these .Some time positive some times negativity very confused state of mind we all have to live in these days.But you are doing great work by providing us contineous updates.You are our leader we follow you ,please advice and guide us in this way in future too.Wish you good luck and good day dear.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit