Huawei’s Next Flagship Phone to have Digital Yuan Hardware Wallet
A lot of people in the crypto industry are excited about the progress China has made with the digital yuan. The country has seen some substantial success in the tests it conducted for its Central Bank Digital Currency (CBDC). Even though the asset doesn’t have an official launch date as yet, it appears that they already have the required infrastructure for release. Now, Huawei, the Chinese tech conglomerate, made an announcement on its Weibo channel that a hardware wallet supporting the digital yuan would be included in their next flagship smartphone i.e. the Mate40 series. The phone was touted by the company as the first of its kind to boast such a wallet, ensuring that its clients can keep up with the country’s digital evolution.
The post also disclosed that users will have complete control over their privacy and anonymity. The wallet will also be able to make effective dual transactions, which means that just by merely touching each other the devices would be able to complete their transactions, even if there is no internet connection. The purpose of doing so is to allow users to make reliable, cost-effective, and safe transactions at all times. The Mate40 provides support for the digital yuan and is a standard device. According to reports, it uses the 5nm processing chip, which is believed to be capable of performing billions of transactions per second.
While this doesn’t mean that it will result in better transaction efficiency where the digital yuan is concerned, it does give hope that the device will not have a problem in effortlessly handling high-volume transactions. A promotion has also been announced by the tech giant where a Mate40 Pro will be offered to the user who can get the highest number of shares for the post. The People’s Bank of China has partnered with several Chinese tech firms on its digital yuan project and Huawei is one of them. In the last few months, a number of pilot programs have been introduced all over the country and its administrative regions.
This gives rise to the idea that the government is hoping to launch the asset pretty soon. Other than Huawei, some other prominent firms that have worked on this project include a food delivery service called Meituan Dianping, parent company of video-sharing website Tik Tok, Byte Dance, and Didi Chuxing, the ride-hailing giant. Earlier this week, it had been confirmed that the People’s Bank of China would bring in WeChat Pay and Alipay, the two largest payment processors in the country, into the fold.
The bank is expected to integrate the digital asset into the digital wallets of both the services. This would enable their users to save their digital yuan units and transact with them. As of now, the digital yuan doesn’t have a launch date, but there are all indications that the asset will be released in the next two years. The head of the monetary policy department, Sun Guofeng said that the government is planning to have the asset released by the time of the 2022 Winter Olympic Games.
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