Central banks’ digital currencies have been the subject of recent discussions due to their use cases.
Recently, we have seen that several countries are planning to introduce their own digital currency.
The latest hardware wallet feature in Huawei smartphones will make the Chinese digital yuan available.
Huawei will soon launch a new smartphone that will provide a wallet for users of the Chinese digital yuan. This announcement was made yesterday, October 30, through the Huawei Post and has put the crypto community in a state of anticipation.
This new smartphone from Huawei is part of Huawei’s Mate40 series of smartphones, which is equipped with hardware-level security. The company is making this Mate40 Pro available free of charge to all Weibo users so that they can share their posts with a larger number of people.
The Mate40 smartphone for the digital yuan is the first of its kind. Until now, there has been no smartphone with a hardware wallet, and users of the Chinese central bank currency can carry out their transactions on the go. With the smartphone, users of the digital yuan can perform duplicate offline transactions and also control anonymity.
They can do anything they want with their digital yuan, even when they are offline. Users can transfer the yuan by touching two devices together, and that’s it. They do not need an active Internet to facilitate the transfer. In addition, users will no longer have problems protecting their identity. This device gives them more control to complete their transactions without revealing their identity.
Huawei smartphone to facilitate smarter payment with Digital Yuan
According to the telecommunications giant, its new Mate40 smartphone offers a more convenient and secure way to make payments in yuan. This smartphone is special and unique because it is the first one with 5nm chip technology. This feature allows developers to pack billions of transistors onto a single chip. With such a development, the device becomes more powerful than others.
This technology was first introduced by Apple in their iPhone 12, and it is amazing that Huawei replicates this technology in this newcomer as well. But the challenge now is how the telecom company can maintain production of this phone.
With the trade restrictions from the US, they can no longer import chips from their US suppliers. Huawei can only rely on their current stocks, but what happens when they run out? However, the Chinese yuan will soon come onto the market because it is already undergoing the necessary tests.
From what we have learned, there is a rush to release the digital currency as there seems to be a race between many countries to introduce their own digital central bank currency. China is also striving to reduce the dominance of the US dollar in international trade. All signs indicate that the trade war between the two countries will not abate in the foreseeable future.