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RBI rejects demand of online merchants to store customers credit card data SECTIONS Share Synopsis The regulator is of the view that merchants storing credit card data would cause cyber security risks to the consumer and they do not have any locus standi as these norms pertain to payment aggregators and gateways, said an official in the know. Agencies The new RBI guidelines bar merchants from storing “customer card and related data on their servers. The Reserve Bank of India has rejected demands of top merchants like Amazon, Microsoft, Netflix, Flipkart and Zomato to store customers credit card data under the new payment aggregators and payment gateway (PA/PG) norms enforceable from July 2021, three people aware of the development said. Merchants had sought a meeting with the regulator claiming that they haven’t been adequately represented, which was also shot down by the regulator. ....
ETtech Morning Dispatch on Feb 17, 2021: India s own goal on crypto; Koo sits on the fence Want this newsletter delievered to your inbox? SUBSCRIBE We ll soon meet in your inbox. / Morning Dispatch Good morning, Today we look at how the government may end up scoring an epic own-goal with its proposed ban on cryptocurrencies. Experts say a ban won’t eliminate cryptocurrencies in India, as investors don’t need a middleman such as a bank or a crypto exchange to trade in them. Any ban will thus only drive cryptocurrency transactions further underground, which is the exact opposite of the government’s intention in banning them. Then again, bans that have the opposite of their intended effect aren’t exactly rare in India. ....
iStock The government does not have the infrastructure to execute a crypto ban in India, leading to proliferation of black economy, experts say. Cryptocurrency investors may take to peer-to-peer transfer method to dispose of or to continue holding on to their crypto assets in case the government goes ahead with the plan to ban such virtual money, experts and crypto exchanges have told ET. Several cryptocurrency exchanges have reached out to the government in what is being seen as the last hope to lobby against a complete ban on crypto assets in the country. Cryptocurrencies like Bitcoin are based on blockchain technology that allows peer-to-peer (P2P) transfer from one wallet to another and one person to another without a banking account or using any other official channel, experts said. ....
Synopsis Several cryptocurrency exchanges have reached out to the government in what is being seen as the last hope to lobby against a complete crypto ban in India. iStock The government does not have the infrastructure to execute a crypto ban in India, leading to proliferation of black economy, experts say. Cryptocurrency investors may take to peer-to-peer transfer method to dispose of or to continue holding on to their crypto assets in case the government goes ahead with the plan to ban such virtual money, experts and crypto exchanges have told ET. Several cryptocurrency exchanges have reached out to the government in what is being seen ....