India’s Supreme Court Delays Crypto vs Central Bank Fight to July
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The courtroom battle between the Indian cryptocurrency exchanges and the (RBI) has reached its ninth month but remains far from conclusion.
On March 29, the moved the hearing to a new date in July. It was the sixth time in a row when the apex court had adjourned the so-called case. The move breathed further extension into the ongoing RBI’s ban, leaving the cryptocurrency exchanges and investors without a banking service 12-months in a row.
But new information reveals that July could see a full-fledged legal proceeding. The outcome could be RBI lifting its banking ban on Indian crypto services altogether.
RBI Counsel Sought “Regular Day” Hearing
Effectively, the Supreme Court of India admits cases based on two separate types of days: miscellaneous and regular. Miscellaneous Days are Monday and Friday, on which the apex court admits new/admission stage matters. On the other hand, Regular Days are Tuesday, Wednesday, and Thursday, on which the court acknowledges cases whose final arguments have been submitted to the bench.
Update in !
Supreme Court has adjourned the matter on the request of Government’s Counsel. Matter fixed for final arguments in 2nd week of July on a non-miscellaneous (Regular) day.
— Crypto Kanoon (@cryptokanoon)
March 29 was a Friday, a Miscellaneous Day, which generally sees unedifying spectacle of overpopulation in the court corridors. It leads to a case congestion scenario, in which the court delays hearings for as much as 1 hour 30 minutes. At the same time, each court discussion lasts for a maximum of two-three minutes, leaving very little time for plaintiffs and respondents to develop a solid argument.
Naturally, March 29 was not an ideal day to listen about a complex cryptocurrency regulatory framework. The RBI counsel, headed by advocate Shyam Divan, suggested extending the hearing to a Regular Day for an extended discussion. The court granted his recommendation and moved the date to July 23, a Tuesday, this year.
Why Not Before July 23
The Supreme Court’s summer vacation will commence from May 13, and it shall reopen on 1st July. A heavy schedule of the Regular matters in April and the first half of May could be the reason why the Supreme Court fixed the hearing on July 23. While the delay means more losses to the Indian crypto industry, the community can still see a silver lining in the fact that now the Court will finally decide on the question ‘whether RBI banking ban is constitutionally valid or not?’.
According to Mohammed Danish Advocate – Delhi based legal practitioner & Advisor to , the matter was last listed on a Miscellaneous Day, and it was difficult for the court to spare time for hearing lengthy arguments. Therefore it decided to fix the case on a day reserved for ‘regular’ matters.
“The Supreme Court’s four-week opportunity came in the wake of the Ministry of Finance’s assurance that they were close to submitting the regulatory framework,” Mr. Danish told CCN. “The ball is now entirely in the government’s court – if they fail to take any policy decision on crypto during this while, the court will hear the case on merits and pass its judgment.”
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A new documentary film called The Blockchain and Us was released last week exploring how Blockchain technology can change the world in a meaningful way.
Documentary: ‘The Blockchain and Us’
A documentary film dubbed “” by Manuel Stagars has been released last week. The 8-part documentary focuses on what blockchain technology is and the social and economic impact it can have in the world, if its potential is successfully harnessed.
The preview description reads:
Economist and filmmaker Manuel Stagars portrays this exciting technology in interviews with software developers, cryptologists, researchers, entrepreneurs, consultants, VCs, authors, politicians, and futurists from the United States, Canada, Switzerland, the UK, and Australia.
The 30-minute long documentary features cuts from several interviews with industry leaders like Christian Decker from Blockstream, Perianne Boring Founder & President at the , Taylor Gerring Co-Founder at , Matthew Roszak Co-Founder & Chairman of , and many more.
The documentary does not focus on the technical aspects of blockchain technology and should not be viewed as an introductory video. Instead, the film seeks to give a high-level view of the blockchain “far from ” and “starts a conversation about its wider implications” in several aspects of our society.
Chapter 1: First Contact With The Blockchain
In the first segment, the interviewees describe their first contact with blockchain technology. An experience that has changed many lives but usually starts off with a pinch of disbelief. Most people were quick to dismiss bitcoin and the blockchain once they run into it for the first time, but many return to it after understanding how it works and the potential it has to change the world.
Matthew Roszak Co-Founder & Chairman of Bloq, shared his experience:
I did what most people do the first moment they are exposed to bitcoin. I discounted it. I thought this was silly internet money, you could mine it, it’s like a golden goose and it took me about an year to really re-explore the technology…
Chapter 2: Blockchain Technology
Here, the documentary delves into a high-level explanation of what blockchain technology is and what makes it tick, and what we can do with it.
R. Jesse McWaters Financial Innovation Lead at the World Economic Forum, explained:
You have the ability to create records that are indelible. You have the ability to transfer value by making updates to those records. And you have the ability to automate updates to the records through these things called smart contracts. That means potentially that you could transform the structure of financial services.
Chapter 3: Influence Of The Blockchain
This chapter focuses on how blockchain technology can influence various industries and aspects of our society like financial inclusion, identity, and IoT.
Rik Willard, Founder & Managing Director at Agentic Group, said:
As the blockchain became more influential in our thinking we began to realize that it was a profound shift in how the Internet could be used to create new forms of value and how it could be used to enfranchise and include people in global finance.
Chapter 4: New Business Opportunities
Chapter 4 talks about the infrastructure that is being built around blockchain technology, the business opportunities that arise from it and how traditional industries are dealing with and adapting to this disruptive new technology.
Paul Meeusen, Head Finance and Treasury Services at Swiss Re, stated:
We are all, also in the financial services industry trying to recognize that we don’t have to be defensive but we rather have to embrace not just this technology but this enabler that it brings us to access a vastly underutilized or undiscovered market that we have to do business with on an eye-to-eye level.
Chapter 5: The Blockchain and Banks
This segment explores how big financial institutions will implement blockchain technology through slow upgrade processes and how some of these institutions are reluctant to accept this technological shift, while others are actively researching and testing the technology to stay ahead of the curve.
Caitlin Long, Chairman of the Board & President at Symbiont.io, explained:
I know how big financial institutions work. They’re not going to do something reckless with technology. This is people’s money and livelihood they’re working with.These are slow upgrade processes. These systems, once they get implemented, will run in parallel with the old systems for a while before you have a switch over to the new one. That’s standard in technology upgrade. knew this was going to take time. But there are antagonists, players who are threatened. It’s the AT&T/Verizon/Kodak analogy again. Their business model is threatened by this and they’re going to do things to slow down and water down the transformational networks. There is a game theory approach to how the technology is being rolled out in the markets, for sure.
Chapter 6: The Blockchain And Financial Inclusion
An estimated 74% of the world population (according to the World Bank) do not have access to basic financial services provided by Banks. Chapter 6 explores how Blockchain technology can drastically change the financial inclusion landscape and allow people to interact with the world economy in a much more meaningful way than micro-finance institutions and other alternatives.
Eric Van der Kleij, Founder OF Adeptra, London Tech City, Level39 and adviser to the UKGovernment expressed his opinion on the subject:
I don’t like to think that we’re creating so much prosperity for the less than one percent. I like to think of purpose-led businesses. By the way, that’s the trick, I think, for large corporations: to understand that the cost/efficiency of embracing this new technology will potentially widen their accessible markets at a cost, that’s reasonable. That in itself will create prosperity in different areas. Something that we should think about.
Chapter 7: The Real Revolution
Blockchain technology can be considered the fourth technological revolution. With it come the same concerns, which is the loss of jobs due to automation. Blockchain technology has the power to cut out institutions that act as intermediaries or “middlemen”, including banks themselves.
This chapter delves into this concern and how various people perceive it. Dolfi Müller, Mayor of the City of Zug stated:
It’s called the ‘fourth technological revolution’ and I think we are at the beginning of such a revolution just now. That’s why we don’t close our eyes. Some people say ‘There will be much trouble, people will lose their work,’ and so on. I’m sure it will happen but it’s better we face it than deny it.
Chapter 8: The Blockchain and Us
In the eighth and final chapter of the Blockchain and Us documentary, interviewees express their thoughts on how blockchain technology can be implemented on a larger scale and how it can affect our lives. From an idea to a full-scale revolution, blockchain technology is here to stay and has the potential to change the world in a meaningful way.
Guido Rudolphi, Founder of Cryptocash:
Everything will change. In my opinion, the possibilities are endless.
The documentary can be seen .
Full interviews can be seen .
Do you think Blockchain can truly change the world for the better? Share your thoughts below!
Images courtesy of Angel.co, Linkedin, Blockchain-newyork.com, Caitlin-long.com, Twitter, Shutterstock
