Huawei Launches Smartphone With Hardware Wallet For China’s CBDC

Vandana  |  Oct 31, 2020

Huawei has launched the Mate 40 smartphone that is having an in-built hardware wallet for China’s central bank digital currency (CBDC). This step is taken because China is all set to launch its Digital Yuan anytime soon. This is going to prove beneficial for Huawei as its smartphones will already have a hardware wallet for the digital currency. 

The launch of its smartphone Mate 40 and other products was announced in a press conference on Friday, October 30. Yu Chengdong, CEO of Huawei, has said that their smartphone is the first one to provide a hardware wallet for China’s CBDC. 

Huawei Smartphone will Initiate Offline Transactions 

According to the web post by the firm, it's Mate 40 will be able to deliver hardware-level security. Along with this, there will also be controllable anonymity for the Chinese Digital Yuan. It is specified by the firm that through this hardware wallet, they will be able to initiate transactions while remaining offline. 

There are a lot of other details as well that the firm has not revealed yet about this hardware wallet on its device. However, it is clear that Huawei is the first one to initiate a step forward towards the adoption of the Digital Yuan even before its official launch.

Expand the Usage of Digital Yuan on Mobile

Huawei has not specified yet whether the users will be able to convert their bank savings into the physical Digital Yuan wallet through Mate 40. There are a lot of things that still need to be clarified by the firm. However, it is mentioned that by adding a hardware wallet, the usage of the Digital Yuan on the mobile front will be expanded. Even though the People’s Bank of China (PBOC) has not specified any particular date for launching China’s CBDC, it is seen that different firms and institutions across the country have already started to work for increasing its adoption when launched.

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