Huawei announces support for the upcoming Chinese central bank digital currency in its upcoming flagship smartphone, Mate 40. The smartphone will include a hardware wallet for the digital renminbi, a Weibo post stated.
The Chinese digital currency electronic payment (DC/EP) project was launched back in 2014, but tests only took to the public earlier this year. The project looks ready to go mainstream with the latest announcement of the Mate 40 supporting a digital wallet for the token. The smartphone offers users a self-custodial “hardware-level security, controllable anonymous protection, and dual offline transactions,” the statement on the Weibo post reads.
The latest Huawei support for the digital yuan follows a public test run across the country. The People’s Bank of China (PBoC) distributed over 10 million yuan to 50,000 random participants in Shenzhen in a public trial of the DC/EP system.
With the DC/EP, users can spend the digital yuan at any of the thousands of merchant stores that support it or at any point of sale devices with support for the token.
The post, however, did not clarify how the digital DC/EP project will work or how users could convert their bank balances and cash to the digital yuan using the Mate 40 hardware wallet. Moreover, it remains unclear if the Mate 40 smartphones in other regions will support the DC/EP wallet or restricted in some regions.
However, China is not the first state to release a national digital currency – being beat to the race by the Bahamas. The island nation announced a public launch of the “Sand Dollar” as the first public CBDC worldwide.