The Latest Executive Order: What’s the Big Deal?

With just 14 days and counting in his presidential term, Donald Trump has decided to leave us all scratching our heads yet again. On Tuesday, he signed an executive order that targets nine popular Chinese payment applications. Yes, folks, we’re talking about apps that allow you to send your money quicker than you can say “Make America Great Again”. Among the technological offenders, we have AliPay, QQ Wallet, and WeChat Pay, to name a few.

Data Collection: The Real Killer App

In the document, the Trump administration raised familiar alarm bells about data collection, specifically citing the dastardly deeds of the Chinese Communist Party. “The continuing activity of the PRC and the CCP to steal or otherwise obtain United States persons’ data…” sounds like a villain monologue from a particularly bad spy movie, doesn’t it? How did we go from sending memes on TikTok to being data-harvested by shadowy figures in Beijing?

Trump vs. The Courts: A Dramatic Showdown

Here’s the kicker: Trump’s previous order regarding TikTok got tangled in legal red tape faster than a cat in a yarn ball. Experts are questioning whether this latest ban on payment apps will fare any better. With Trump leaving office soon, one has to wonder if this is his way of throwing spaghetti at the wall to see what sticks.

What Does Biden Think?

As of now, Biden’s transition team appears to be ghosting all questions related to Trump’s latest order. Will the soon-to-be administration care to carry this torch, or is it just another piece of political memorabilia destined for the nostalgic archives of a divided America? Talk about suspense!

A Tug of War in Tech: Is a Cold War on the Horizon?

Interestingly, this issue isn’t just limited to payment apps. Figures like Mark Zuckerberg and executives from Ripple Labs have warned that we might be witnessing a cold war in technology between the U.S. and China. But as Facebook and Ripple enjoy their own cozy investigations from U.S. regulators, we can all chuckle at the irony of their patriotic pleas. It’s as if they forgot that they also have some skeletons in their closets.

The Bigger Picture: China’s Digital Yuan

Finally, let’s look at the bigger landscape. The clamping down on companies like Ant Group and Tencent suggests that China is gearing up for its unique central bank digital currency, and it seems to be flexing its muscles. With Alibaba’s founder, Jack Ma, mysteriously disappearing from public view, one can only imagine what the future holds for fintech in China.