Unfettered by the abject pandemic, China continues to outsize other countries with regard to the development of the Central Bank digital currency [CBDC]. As many governments are only getting started on CBDC research and development, China is way ahead in the game. A recent update from the country revealed the digital yuan’s latest association.
Digital Yuan Finds Shelter At Huawei
Telecommunications equipment company, Huawei is one of China’s biggest assets, the platform revealed its support for the country’s CBDC by rolling out a smartphone that aids the digital yuan. In a recent press conference, the tech giant announced that the Huawei Mate 40 was equipped with a built-in hardware wallet for the digital yuan.
The CEO of the platform for the consumer business wing, Yu Chengdong affirmed that the Huawei Mate 40 was the first of its kind as no other smartphones had enabled support for China’s yet to be launched CBDC.
Furthermore, the Chinese tech giant affirmed and elaborated on the same in a Weibo post. Huawei’s post read,
“The Mate 40 series is the first smartphone that will support digital yuan hardware wallets, featuring hardware-level security, controllable anonymous protection and dual offline transactions – for a novel, safe and convenient payment experience.”
While countries have just begun carrying out research on central bank digital currencies, China seems to be past the testing stage. The Mate40 smartphone was reportedly rolled out to enhance the effectiveness of the Chinese digital yuan on mobile phones. Despite the fact, that this is a huge advancement for the country as well as the tech giant, the smartphone’s ability to convert fiat into a physical-digital yuan wallet is still uncertain.
Huawei’s association with the digital yuan goes way back as the platform was one among the twenty other companies that had aided the development of China’s CBDC. Several other tech platforms had also collaborated with the Chinese government for the development of the CBDC, however, Huawei seems to be the first to roll out a smartphone as such. The Huawei Mate 40 smartphones were undoubtedly a hit as they sold out in 28 seconds in the Asian country.