The major Chinese multinational technology firm Huawei has rolled out a new Smartphone Huawei Mate 40 which is said to have a built-in hardware wallet for the Central Bank Digital Currency (CBDC) of China, “Digital Yuan”. As announced by Huawei in a Weibo post on October 30, the new Smartphone is one of the latest products that the tech giant has launched.
According to the company, the built-in hardware wallet of Huawei Mate 40 is said to provide a high level of security for China’s centralized digital currency. Also, it will give users the authority to control their anonymity for ensuring their protection while making transactions with the digital Yuan. This hardware wallet will also serve as a physical Digital Currency Electronic Payment (DCEP) wallet as well for users. Apart from this, the wallet will also allow users to perform their transactions with Digital Yuan while being offline as well. This is the significance of this hardware wallet.
Commenting on this, the Chief Executive Officer (CEO) for the consumer business group at Huawei Yu Chengdong said in a statement that Huawei Mate 40 has become the first-ever Smartphone to support a hardware wallet for China’s Central Bank Digital Currency.
“#HuaweiMate40# series is the first smartphone that supports digital RMB hardware wallet, hardware-level security, controllable anonymity protection, dual offline transactions, bringing a new safe and convenient payment experience.”
Furthermore, Yu said that it is a great step to introduce a wallet that shows compatibility for central bank digital currency as it will boost the Digital Yuan’s usage on Smartphones. However, it has not been yet made clear whether this new Smartphone will allow users to convert their savings in a bank account into the digital Yuan wallet or not.
Weibo users have also been given an opportunity to get a free Mate 40 Pro for sharing this post with as many people as they can.
China’s Central Bank Digital Currency is gaining sufficient traction nationwide and the digital currency is still in its testing phase. The People’s Bank of China, the country’s central bank is working on this project continuously so that it could launch Digital Yuan soon.