wordpress blog stats
Connect with us

Hi, what are you looking for?

, , , , ,

US reportedly considering restrictions on Alibaba, Tencent payment systems

US China
US China

The US government is considering placing restrictions on Tencent Holdings and Ant Group due to national security concerns over their digital payment platforms, Bloomberg reported citing anonymous sources. While the debate over how and whether to restrict the two tech giants’ payment systems has gained momentum in recent weeks, a final decision is reportedly not imminent. Ant Group is the payments and fintech arm of Jack Ma’s Alibaba Group and the company behind Alipay, the world's largest mobile payments provider. Reasons for considering restrictions: American officials are concerned that by dominating global digital payments, China would get access to banking and personal data of hundreds of millions of people, as per the Bloomberg report. This was discussed in a meeting on September 30 in the White House Situation Room. Why no ban yet? Officials are reportedly trying to find a legally sound approach to placing restrictions. The administrations is reportedly debating over which government authority would be used to restrict the companies. As per the Bloomberg report, the idea has not been presented to US President Donald Trump yet as he fell ill with COVID-19 a day after the September 30 meeting. It is also unlikely that these measures could be implemented before the November 3 presidential elections, and officials are reportedly concerned that any restrictions could face significant litigation. Options on the table: According to the Bloomberg report, there are a few options under consideration: Use authorities granted under a 2019 order to protect the digital supply chain. However,…

Please subscribe/login to read the full story.
Written By

Send me tips at aditi@medianama.com. Email for Signal/WhatsApp.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ