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I can't make out if these rules are specific to India. Doesn't the EU have the same data residency rules as well? Why are Mastercard and Amex struggling with this?
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> How about just avoiding wars? Countries simply do not have the unilateral ability to avoid wars.
The easiest way to prevent war is to make it uneconomical -- like it was in the past. War should bankrupt a country. Years long fighting like we saw in the 20th century is a product of loose monetary policy. When a country can print itself out of debt (or more accurately, kick the can down the road for the next generation), war is inevitable. If we remove the ability to do this, a prolonged war becomes far less likel…
If a nation's neighbors have the capability to fight a years long war, but that same war would bankrupt the nation, then the
The game theory of the situation (again, from an individual nation's perspective) means no one nation will "remove the ability to do this" unless there's a massive collective action.
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> How about just avoiding wars? Countries simply do not have the unilateral ability to avoid wars.
Countries rarely go to war with countries that they don't share borders with. For India, that's China, Bhutan, Nepal, Pakistan, Afghanistan, Bangladesh and Myanmar. Making sure that MasterCard does not store their transaction data in any of those countries should be sufficient.
"Should be sufficient" and "Will be sufficient" are different enough to cause anxiety for people who have to safeguard against those kinds of outcomes.
It is good to see India growing as a world power as the largest democracy in the world.
They have been "growing" and "becoming" the next world leader for a while now. Anyone who have lived in india long enough will tell you how far from the truth this is. The only Stick India has, besides their nuclear arsenal, is the size of their domestic market (aka population). I dont think the purchasing power of their domestic market is that lucrative compare to actual superpowers (Economic or Military). Buy just…
Also all the PLI schemes for companies are pretty anti international investment, so companies from Samsung to Apple are all investing big.
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True, but if it's not hosted under your own control it basically is fully out of your control. Doesn't the US gov / the 3 letter agencies basically have access to everything hosted within the US? Sure there are other ways, but India seems to like to go for the most radical solutions at times
US having access to indian date has limited impact on india while Indian govt having same data have major impact on india
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The rule[0] says that you can process the data abroad, including storing it on disk temporarily for purposes of processing, as long as it is deleted within 24 hours. So it's not quite as strict as requiring it be kept in memory the whole time without ever writing to disk, but it does sound like you probably couldn't keep detailed logs. [0] https://rbi.org.in/CommonPerson/english/Scripts/FAQs.aspx?Id...
> but it does sound like you probably couldn't keep detailed logs. Or backups.
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I'd imagine a bigger loss for MasterCard was the EU capping their interchange fees to 0.3% with a regulation in 2015. "At present, credit card interchange fees in the UK are typically around 0.85% per transaction" ( https://www.theguardian.com/money/2015/jul/27/cap-on-card-fe... ). After Brexit MasterCard will increase it to 1.5% ( https://www.theguardian.com/money/2021/jan/25/mastercard-to-... ) Loosing out on 0.55%…
I agree that will have a bigger effect, and boo Brexit. But it's actually only transactions on EU shops by UK cards that face higher fees, which is a really small percentage of purchases. Definitely not every transaction. I'm sure they'll raise the other fees later though. Probably just dipping their toes.
FYI, American Express and Diners Club have already been banned from adding new customers in India due to the same thing. https://www.reuters.com/article/india-banking-american-expre...
> the subscriptions are now required to be paid monthly by people I have a bunch of subscriptions (App Store, JetBrains, AWS etc.,) which continue to seamlessly go through without me having to explicitly authorise each month. I suspect there is a fine print/subtext to that subscriptions rule that isn't accessible to public.
https://gadgets.ndtv.com/apps/news/amazon-prime-membership-o...
https://help.ads.microsoft.com/#apex/ads/en/52003/3
EDIT: Another useful one: https://support.google.com/pay/india/answer/10710851?hl=en
It looks like existing subscriptions were grandfathered until Sept 30, which is why you haven't seen a change. But new accounts cannot use subscriptions until the company has properly implemented e-mandates.
The obsession with where data physically sits at rest is so amusing to me. Not limited to overzealous governments and financial data; healthcare is singularly obsessed with this. It makes no sense whatsoever, of course. I'd much rather store properly encrypted personal information or financial data in North Korea than storing it unencrypted in my home country. I would understand if they demanded both storage and proc…
All data is capable of being decrypted somewhere. Usually where you are storing it. Otherwise you can't do anything with it. Storing data encryped in north korea, with the capability to fetch and decrypt that data in Sweden, is approximately equivalent to storing the unencrypted data in Sweden (as far as hackers, law enforcement, etc. are concerned), except you've now added the additional risk that north korea only n…
I run a Filecoin node and I store the data of approximately 200 clients in my homelab. I don't know who they are, or what they store, because it's all end to end encrypted.
And no -- my clients don't trust me, it's crypto, it's trustless :)
This is not a technical issue and has zero to do with tech. It’s political.