Huawei unveils smartphone with built-in digital yuan wallet

by in Cryptocurrency News

Huawei

The Chinese company Huawei has unveiled a smartphone with a built-in hardware wallet for China's central bank digital currency (CBDC).

At a press conference on Friday, October 30, the company announced the release of the Huawei Mate 40 smartphone. Yu Chengdong, Huawei's general manager of consumer goods manufacturing, said the Mate 40 is the first smartphone with a hardware wallet for the digital yuan.

According to Huawei's Weibo post, the Mate 40 will provide hardware security for the wallet. It can also initiate an offline transaction. Yu noted that this feature would expand the use of digital yuan.

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This month, the deputy head of the Central Bank of China announced that it was conducting pilot transactions using CBDCs for 1.1 billion yuan (~ $ 162 million). He confirmed that the Central Bank plans to use the digital yuan already during sporting events at the 2022 Winter Olympics.