The digital yuan seems ready to launch as Chinese multinational tech company Huawei disclosed that its new smartphone will have a built-in wallet for the digital yuan.
Huawei disclosed this via its Weibo channel, noting that its new Mate 40 smartphone series would feature a hardware wallet for the soon to launch Chinese digital yuan. According to the announcement, users will have full control while using the new initiative. Also, it disclosed that users would be able to perform dual offline transactions via the new smartphone.
Huawei noted that the new Mate 40 is the first smartphone to feature a digital RMB hardware wallet. The company added that it would also give users the ability to send funds to one another just by touching their mobile phone together.
Interestingly, active internet connection isn’t necessary for the transfer of funds to happen. Meaning, even when offline, users can transfer the digital currency by just touching their mobile devices together.
About the Huawei Mate 40
According to the Chinese multinational tech firm headquartered in Shenzhen, Guangdong, the new smartphone is one of a kind. In addition to its integrated digital yuan hardware wallet feature, the smartphone boasts other unique features.
According to TechRadar, The Huawei Mate 40 is the latest from Huawei. It is also the first Huawei smartphone to make use of the 5nm chip tech. Notably, the 5nm chip enables more transistors to be packed onto a single chip, invariably increasing the capability. Huawei says the CPU in the Mate 40 is 10% faster than that found in the Snapdragon 865 Plus, the NPU is 2.4 times faster, and the GPU supposedly 52% faster.
Additionally, the new Huawei Mate 40 would not be featuring any Google Mobile Services features. There is no planned release of the Mate 40 for the United States. This can be traced to the ongoing China/US trade war.
China digital Yuan to launch soon
With the new Huawei initiative, all indications suggest that the Chinese digital yuan is close to its launch. Similarly, a report by Reuters suggests that the digital yuan is currently in the testing stages.
Notably, the People’s Bank of China (PBOC), in line with its mission to unveil a central bank digital currency, recently disclosed a draft law to regulate the digital yuan. The draft law indicates that digital yuan is designed to replace cash in circulation.
Also, retail and commercial banks will play a major role in the distribution of the digital currency among users. Both commercial banks and the central bank will possess databases that keep track of the flows of the currencies from user to user.
Meanwhile, it is worth noting that several other central banks and global financial institutions have also indicated plans to launch a CBDC. The Bahamas also recently launched the first-ever state-controlled digital currency.
Find out more about China’s crypto space on the Altcoin Buzz YouTube channel.