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The Chinese Mobile phone manufacturer Huawei has announced a new smartphone, making it easier for Chinese people to use cryptocurrency.

Huawei announced in a press conference, Huawei Mate 40 smartphone which will include a wallet for the Digital Yuan.

The world is fast embracing the newest monetary system, cryptocurrencies in its normal financial behavior. With PayPal introducing crypto support on its wallets to the largest financial institutions like Square investing in crypto, we can see how digital currencies are getting mainstream. The latest phone would have a build-in hardware Wallet for the Central Banks digital Yuan.

Huawei Mate40 Comes with Hardware Wallet That Supports Digital Yuan

Yu Chengdong, the CEO of Huawei, touted Mate40 as the first-ever phone facilitating hardware wallet on a phone which supports DC/EP. The company revealed the details of the smartphone on a Wiebo post, sharing that the hardware would deliver high-end security and proper anonymity for digital yuan. The Physical DC/EO wallet would also be able to initiate a transaction in a discounted Offline environment. How the users would be able to convert their savings to the digital yuan wallet is not revealed as of now. The CEO said that the feature would help use digital Chinese currency to be used on mobile phones and pave the way for wider adoption of technology. 

A Push to Digital Yuan

With a built-in CBDC support through a hardware Wallet, the Mate40 has seen immense demand by the crypto enthusiasts in China. SINA has acknowledged Huawei as one of the leading companies contributing to the development of DCEP. For quite some time, the Chinese smartphone giant has been news for its tiff with the US Government over the ban. However, it scaled its sales and gained popularity even after it was banned in the US markets. The company also signed a cloud deal with the People’s Bank of China, and with the announcement of this phone, it is most likely that the integration of DCEP hardware is also there on the phone. 

Smartphone Sold Out Fast

The phone reportedly sold out in seconds after it opened for preorders at its introduction event last week. Four billion users viewed the launch event. It is interesting to note that the Chinese government has banned cryptocurrencies; thus, the hardware wallet within a best selling phone brand in China may be intended to support DCEP exclusively. Several companies, like NetAct technology, Kalan software, and Fetian had reputedly applied for the hardware wallet patent.

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved

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