Huawei’s newest smartphone offering, the Huawei Mate 40, will reportedly feature an integrated hardware wallet for the digital yuan – China’s highly-publicized central bank digital currency (CBDC) project. Huawei advertises it as the very first smartphone ever to feature said wallet on the October 30th blog post of Weibo, a China-based blogging website.
According to the post, the new Huawei phone will enable its users to control and safeguard their anonymity while also capable of performing multiple transactions offline. Basically, the phone would allow users to transfer funds with a touch of a button, regardless if they are online or not. Notably, Weibo also announced a promotional contest. They would gift a free Mate 40 Pro to its user who forwards the particular blog post the most.
The digital yuan is picking up momentum
The news that Huawei’s latest phone would feature a digital yuan hardware wallet closely follows the public trial of the Chinese CBDC. This early October, approximately two million residents of Shenzhen registered to test out the digital yuan for themselves. Those who took part in the experiment were gifted 200 yuan each.
China has been focused on the topic of launching its very own CBDC. The nation has strived to remain the first in the CBDC global race. Now that the digital yuan is being tested out publicly, China’s vision to revolutionize the payments system may soon come to fruition.