According to a Bitcoinist report on January 14, India's Supreme Court is finally ready to handle cases between the Bank of India (RBI) and the crypto space, and has plans to spend a lot of time on both sides.
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The Supreme Court of India has been dealing with a case involving crypto assets and the Indian central bank. Initially, the trial should have been held in mid-October 2019, but the Supreme Court postponed it to November. However, due to the busy schedule of the Bank of India's senior lawyers, the trial was postponed again to January 14, 2020.
Now, according to the latest news, although the Supreme Court of India did not deal with the case immediately, the case has been fully resumed. According to new news, although the "encryption case" is listed as the first case, the court has decided to deal with the second case first. After that, the Supreme Court plans to proceed with a larger trial including items 101 to 103, and finally this encrypted case. Why did the court postpone hearing of crypto cases?
Although many people are worried about the court's decision to deal with other cases before dealing with crypto cases, many people think this is a good thing. The Supreme Court itself clarified the decision, claiming to want to learn more about the crypto case and investing significant time in it. Crypto Kanoon, India's cryptocurrency regulatory news and analysis platform, tweeted on January 14:
"It's clear that the Supreme Court wants to hear crypto cases, but said it could take up a week of the board if the crypto case is handled first. This means that the court will have a long debate. Stay tuned for subsequent updates."
In fact, the Supreme Court believes that if crypto issues are dealt with at the outset, it could take up to a full week on the court committees, which could mean protracted debate. In other words, the Supreme Court does plan to hear both sides and take the case seriously.
Many people believe that this latest development is a very good and positive signal, because the Indian Supreme Court obviously does not intend to simply dismiss the case and make a ruling in favor of the RBI without hearing the opinions of both parties.
Crypto case details
Many may remember that starting last year, the Reserve Bank of India has made its position clear on the Bitcoin and crypto industries quite clearly. It is the country's most vocal entity on crypto issues, and it opposes cryptocurrencies.
Meanwhile, bankers and politicians remain firm as they await a Supreme Court hearing. One of the country's biggest concerns is the announcement of Facebook's Libra project, which is a common concern for many other countries.
Although there are rumors that the Bank of India may consider following China's approach and developing its own central bank digital currency (CBDC), the Bank of India Governor Shaktikanta Das said the bank opposes the idea of private cryptocurrencies . However, despite the fact that Bitcoin is a public cryptocurrency, the Indian central bank is not in favor of a decentralized currency.
Now that India is finally ready to start hearing crypto cases, all eyes are on India, and the world is waiting to see if the country's crypto ban will be lifted in the next few days.