Huawei has announced that the new Mate40 series of smartphones will have a built-in cryptocurrency wallet for the Chinese central bank's new coin known as the digital yuan.
The firm officially unveiled its latest smartphone, Huawei Mate 40, on Friday, noting that it is the first model with a built-in hardware wallet for a national digital currency.
According to the company, the Mate40 has a high level of security and controlled anonymity, convenient offline payment, which should accelerate the adoption of CBDC among users.
There is no information yet on whether the Mate40 will be able to directly convert fiat currencies into the digital yuan.
Earlier, an official from the country's central bank also said that CBDC will also be supported by AliPay and WeChat Pay, two of the most popular mobile payment wallets.
Digital Yuan's trials and testing have reached the final stages, and the People's Bank of China is putting the finishing touches on the long-awaited launch. With an already developed infrastructure, China is ahead of other countries as it seeks to launch a central bank digital currency (CBDC).
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