Huawei introduced a smartphone with built-in support for the digital yuan
Chinese electronics manufacturer Huawei has unveiled a new smartphone with a built-in hardware wallet to work with the digital yuan. This was reported by The Block with reference to the company’s Friday press conference..
Among other things, the Huawei Mate 40 model was presented at the show. Huawei CEO for Consumer Products Yu Zhengdong said that this is the first smartphone adapted at the hardware level to work with the digital currency of the People’s Bank of China.
On the social network Weibo, the company writes that the Mate40 will provide security when working with the digital yuan and will allow offline transactions. Yu noted that this development was the next step in using the digital yuan on mobile devices..
Huawei founder Ren Zhenfei is a strong supporter of the digital yuan idea. In July 2019, commenting on the news about the development of the stablecoin Libra, he said: “China can issue such a currency itself. Why wait for others to release it? The country will always be stronger than a single Internet company “.
In November of the same year, it became known about the official cooperation of Huawei with the Digital Currency Research Institute of the People’s Bank of China. It was supposed to be aimed at researching financial technologies. The participants then refused to disclose additional details..
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