- Chinese phone maker Huawei will integrate a digital yuan wallet in its latest smartphone.
- The wallet will support offline transactions, among others.
The People’s Bank of China (PBOC) may not have announced an actual date for the launching of the long-planned digital yuan. However, recent updates about the digital currency continue to suggest that the CBDC could be released anytime soon. Today, the popular Chinese smartphone maker Huawei has joined the trend by announcing its plan to integrate the digital yuan wallet on its soon-to-launch smartphones.
Huawei builds a digital yuan wallet for Mate 40 phones
The smartphone maker announced the development today on Weibo, saying that its Mate 40 series smartphones are presently the first-ever mobile device to support the digital wallet. Huawei further disclosed that the planned digital wallet would be equipped with hardware-level security. More so, it will support offline transactions while still offering controllable anonymous protection for the users.
Huawei’s Mate 40 series launches as the latest phone from the Chinese company. Both the Pro and Pro Plus devices were reportedly announced early this month but are yet to be released. The company’s announcement to support a digital yuan wallet is one other event that somewhat indicates that the Chinese digital currency is technically ready and may be launched soon.
Shenzhen digital yuan giveaway
The recent digital yuan giveaway planned by the authorities in Shenzhen is another typical event that suggests that the launching of the Chinese CBDC is imminent. Besides, the giveaway was conducted successfully, and the lucky participants could spend it from the recommended digital yuan wallet. Recently, a PBOC executive noted that a special digital yuan wallet would be used to distribute the CBDC and not on private wallets.
As private entities are allowed to develop their wallet, the central bank exec also disclosed that they spotted a fake digital yuan wallet.