Indian IAMAI Lawyer: The Consumer Protection Act can be specifically applied to cryptocurrencies and can be developed to deal with special circumstances.

According to local media Crypto Kanoon, the Supreme Court of India continues today to hear hearings from the Indian Internet and Mobile Communications Association (IAMAI) and the Reserve Bank of India (RBI). Ashim Sood, IAMAI's legal counsel, discussed Wyoming's law on cryptographic assets, the US Securities and Exchange Commission's Howey test, and the European Encryption Directive to alleviate the concerns of judges. Sood also reminded the court that the G20 leader had previously stated in a bill that crypto assets did not pose a threat to global financial stability. In addition, most countries in the G20 Group tend to regulate encryption and do not treat industry participants as illegal. At the same time, Sood continues to criticize RBI, which previously banned banks and financial institutions from providing services to people involved in cryptocurrencies, but did not disclose any purpose or explain the integrity of the market and how to face risks. Sood concluded that RBI's encryption ban does not give a definition of encryption and attempts to combat all cryptocurrencies, rule-based ambiguity, the RBI's ban is invalid. In addition, Sood said that India's existing consumer protection laws can be specifically applied to cryptocurrencies, and special terms can be set to deal with special circumstances, and India's anti-money laundering laws can also be applied to cryptocurrencies.