Kali Digital moved the High Court in Delhi after the Reserve Bank of India announced on 5th April 2018 that it would not provide services to those dealing with cryptocurrency. An online petition was started which garnered over 43,000 signatures to demand the Reserve Bank of India to withdraw their crypto ban.
Kali Digital runs a cryptocurrency exchange known as CoinRecoil. It was all set to launch officially in August 2018 but the crypto ban seems to have become a hindrance in the plan, which was earlier smooth flowing, and about to gain momentum.
The case has been filed on grounds that the decision violates Articles 19 (1) (g) – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting discrimination between equals.
It must be noted that cryptocurrency has innumerable advantages and is trending in the world right now. In such a scenario, if India stays away from the race with the crypto ban in effect, it can be quite a loss to the nation. In order to be able to match steps with other countries and emerge as a greater power, cryptocurrency must be adopted. Although it also has its cons and everyone must be careful.