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.
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