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US: After spy Balloons, China now targeting credit cards

Washington, United States: After the notorious spy balloons, China is now resorting to targeting citizens through their credit cards. The threats from Jinping-led China haven’t yet ended as it continues to endanger national security across the Pacific, states Jianli Yang from the Washington times.

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Washington, United States: After the notorious spy balloons, China is now resorting to targeting citizens through their credit cards. The threats from Jinping-led China haven’t yet ended as it continues to endanger national security across the Pacific, states Jianli Yang from the Washington times.

The citizens who thought that the security threats remained confined to Tiktok and Huawei have actually been wronged as China continues its surveillance operations across borders.

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 Following the approval of Dodd-Frank financial reform in 2010, Unionpay has been continuing to process debit card transactions in the United States, which is in compliance with a provision in the bill ‘Durbin Amendment’.

Notably, UnionPay was created by China’s central Bank in 2002 and is financially aided by the government of China. The 2010 law mandated a requirement for the alternative network, including Unionpay, providing an option to merchants to process debit card transactions.

As the spy balloons have been shot down by the US, China is trying to push debit card policy to the credit card market, as the reports claim. The corporate giants like Amazon, Walmart, and Home Depot. Target and Kroger have been associating them with US Lawmakers for the approval of legislation which allows UnionPay to process credit card transactions as well, which is really something to be concerned about.

However, the lawmakers seem least concerned with the probability of credit card users financial information being transferred to Chinese government-owned firm with the orders of the US Government, stated reports from Washington Times.

UnionPay was founded when the State Council created a national payment system for China. 

Tiktok was earlier found to be spying on Americans. It is thus clear where these policy changes are leading to. Moreover, giant corporations like Walmart, which have more than hundreds of stores in China, are also supporting the amendments, considering their long-term relationships with China.

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