India Announces Tough Controls On Payment Data And Virtual Currencies

International payment firms are on tenterhooks after Indian regulators announced new rules restricting transaction data storage, while also instructing all financial entities to sever ties with virtual currency users.

The Reserve Bank of India (RBI) published a policy statement on Thursday informing payment system operators that detailed instructions on data storage will be issued next week.

“It is observed that at present only certain payment system operators and their outsourcing partners store the payment system data either partly or completely in the country,” it said.

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