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The Digital Yuan Will Be Available In The New Huawei Smartphone

02 November 2020 19:00, UTC
The Digital Yuan Will Be Available In The New Huawei Smartphone

Chinese tech giant Huawei has released a new smartphone that supports a built-in hardware wallet for central bank digital currency of China. As announced Friday on Huawei's Weibo channel, the Mate 40 series of smartphones will include an integrated hardware wallet.

According to the CEO of Huawei Consumer Business Group, the Mate40 will be the first smartphone with a hardware wallet for the digital yuan known as DC/EP. DC/EP will also provide the ability to initiate transactions in offline mode. It is unclear at this stage if Mate40 users will be able to convert bank savings directly into a digital wallet in yuan.

More recently, it was revealed that Huawei is working on plans to set up a specialized chip manufacturing plant in Shanghai. The tech giant will no longer use American technology, allowing it to secure supplies for its core telecommunications infrastructure business, despite US sanctions.

Image courtesy of Coinnewsspan



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