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Old 06-01-2021, 21:05
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

January 06. Trump bans transactions with Chinese payment services

US President Donald Trump signed a decree banning financial transactions with Chinese companies. The list of these companies includes corporations that control and develop applications for eight payment systems.

In particular, the ban included: Alipay, owned by Jack Ma's Ant Group, WeChat Pay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate and WPS Office.

Trump explained his decision by the fact that these applications get access to confidential information of users, which can then be used by the Chinese authorities for their own purposes. However, the decree will enter into force only 45 days later, after the president leaves the White House. Moreover, the newly elected President of the United States, Joe Biden, has the power to revoke Trump's decree on the first day of his presidency, that is, January 20.
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