US plans to ban Huawei from its banking system to halt dollar transactions
From the time US placed Huawei on its Entity list and further banning it from dealing with any tech companies in the country. Huawei has since then proved to be steps ahead of the Trump administration that has come up with new ways to freeze the Chinese giant
The newest ban on Huawei is to cease its presence in the US financial system with a halt on dollar usage by customers. this means, Huawei can’t transact in the native USD currency directly with its customers, but can adapt to any other supported major currencies
According to Reuters, the plan for placing Huawei’s on the Specially Designated Nationals (SDN) list is called for action with trembles to revive it depending on the direction of strategic progress by Huawei.
With Huawei under the SDN list, the company can’t be able to complete transactions using the dollars, a tool the white house national security believes will tame the Chinese wing to its knees.
However, with the trend adopted by Huawei to bypass US’s restrictions like its custom operating system rather than Android. The new financial limitation aimed at freezing the tech wing’s dollar transactions might get an upper arm with another major currency or crypto project