Donald Trump issued an executive order banning transactions using eight Chinese payment applications. According to many, this could draw more attention to bitcoin and ultimately lead to a further increase in the price of bitcoin.
To Report Bitcoin.com will be banned from operating in the United States for another 45 days, according to the executive order. WeCaht, Alipay and QQ are among the applications that will be included in the ban.
Under the order, US citizens will not be able to make transactions using the eight applications. WPS Office, Camscanner, Shareit, Tencent Wallet and Vmate are other applications that American users cannot use.
The Trump administration has said the bans are for security reasons and follow Trump’s order to ban Tiktok. Part of this executive order states:
The speed and expansion of some mobile and PC applications and other software developed by people in the People’s Republic of China continue to threaten national security, foreign policy, and the US economy.
Addressing 4,800 followers on Twitter, Michael Gogel said the executive order was in response to digital yuan and decentralized currencies such as bitcoin. He tweets:
This [فرمان] Fully associated with digital yuan and digital currencies like bitcoin.
He wrote in another tweet:
It is worth noting that this action took place on the same day that the New York Stock Exchange decided to eliminate China Telecom, China Mobile and China Unicom.
In September 2020, Sylvain Saurel wrote in a blog post, referring to Trump’s decision to impose a ban:
Financial transactions between the United States and China or any other Asian country must be done through another channel. We are talking about hundreds of billions of dollars in annual transactions.
“This transaction may be done through bitcoin,” he wrote.
If the WeChat ban is enforced, Bitcoin will be fully compatible with the uses of millions of Chinese living across the United States. In addition, one of the characteristics of Bitcoin is that it is politically neutral. When the US-China Cold War broke out, this feature of Bitcoin made Bitcoin an important asset.
If the sanctions imposed by Trump are implemented, there is a possibility that Asians living in the United States and their families living in Asia will face problems. It should not be forgotten that the implementation of this order may be suspended, like the court’s decision to suspend the implementation of the ticketing ban. Reuters also reported that the Commerce Department issued a statement condemning the Trump administration’s move, calling it “unhealthy competition.”
Announcing his support for Trump’s decision, US Secretary of Commerce Wilbur Ross said:
I support the President’s determination to protect US privacy and security in the face of Chinese Communist Party sanctions.
Ross also announced that he would begin implementing the order in the next 45 days.