Huawei has pioneered the integration of DCEP hardware wallets in its new Mate 40 5G-powered smartphone series.
China-based Huawei Technologies Co Ltd has unveiled its latest Kirin-powered smartphone series dubbed the Mate 40 with additional digital currency capabilities. Per a report from TheBlock, the Huawei Mate 40 smartphones which come with an integrated 5G capability also have an inbuilt hardware wallet to support the Chinese government’s Central Bank Digital Currency also known either as the Digital Yuan or Digital Currency Electronic Payment (DCEP).
The synergy between the government of China and its homegrown tech companies have witnessed a new leap with the embedding of the DCEP enabled hardware wallets on the latest 5G smartphone devices of one of its top tech firms, Huawei and Per the reports, Yu Chengdong, Huawei’s CEO for the consumer business group, said on stage while unveiling the new products that the Mate40 is the first smartphone that enables a hardware wallet for China’s digital yuan.
The Huawei Mate 40 hardware has the cryptographic features required of functional hardware-level security thus providing controllable anonymity for digital yuan and its users. The wallet is also built to facilitate offline transactions. With additional capabilities inbound, Yu pointed out that the move by the company will help advance the government’s plans to make the DCEP available to every citizen on all fronts.
As highlighted by Coindesk, the prices of the Huawei Mate 40 may start at around $1,000 which when critically considered may be out of reach of many interested buyers, and as of now, there is no clarity as to whether the devices that will be shipped to other countries will have the inbuilt DCEP wallet.
Huawei Mate 40 Inbuilt Wallet Is a Boost to the Digital Yuan Development
The strides of the People’s Bank of China in developing the digital yuan may be further complemented with the Huawei backed Mate 40 smartphone series. As Coinspeaker earlier reported, about 10 million digital Yuan have been distributed in a lottery to about 2.61% of the 1,913,847 Shenzhen residents with each carting away about 200 yuan. This digital yuan giveaway lends credence to the capability of the PBOC to make the new CBDC available for transactions in approved electronic payment stores.
The hallmark of all CBDC under development by different countries is to devise means by which the digital currencies will be available at all times and under all scenarios is related to the fiat currencies they are pegged with. While there are no clear indications yet that the Huawei Mate 40 smartphones and their associated digital yuan wallets can be used for fit to DCEP conversions, its coming will serve as a reference for other phone and device manufacturers to debut similar innovations.
China with the recent move by both the PBOC and Huawei now ranks as the pioneering explorer of CBDC amongst its fellow Asian nations.
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