Huawei Introduced a Smartphone with Support for the Digital Yuan

Contents

Huawei introduced a smartphone with support for the digital yuan
CONTENT

  • Huawei becomes the first smartphone manufacturer to support a national digital currency

  • The starting price for a smartphone in Russia is expected from 100 thousand rubles

  • By implementing digital wallet at Huawei, Chinese authorities want to address fraud and fast adoption right away

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Renowned Chinese telecommunications device manufacturer Huawei Technologies unveils smartphone with integrated digital yuan wallet

Huawei unveils smartphone with digital yuan wallet installed.

Huawei introduced a smartphone with support for the digital yuan

According to the announcement on the Chinese microservices platform Weibo, the Huawei Mate 40 is the first working version of a smartphone to support China’s digital currency. The integrated wallet also supports digital yuan transfers without internet access, according to Huawei.

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Source: weibo.com

Compensation for inconveniences

Besides offline transactions, the wallet will also have limited anonymity, about which BeInCrypto editors wrote earlier. The expected price of a new smartphone in Russia will start at 100 thousand rubles. The premium version of Huawei Mate 40 RS costs over 230 thousand rubles.

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Huawei’s leadership with the integration of the digital yuan is no coincidence. A war for technological superiority has been going on between Beijing and Washington for a long time, and the Chinese giant has already become a bargaining chip in geopolitical games. Recall that on May 15, Washington proposed to ban the use of American tools for the production of Huawei products.

Anti-fraud

By introducing a digital wallet into smartphones by default, the Chinese authorities want to quickly address the emerging counterfeit wallets in the local market. Mu Changchun, head of the Digital Currency Research Institute at the People’s Bank of China, said earlier that the regulator had already identified cases of the proliferation of fake digital wallets. At the same time, Mu called on large companies to actively cooperate with the regulator until the problem of fraud reached unregulated proportions..

Meanwhile, the Chinese authorities are actively taking measures to clean up the local market from the competitive environment for the digital yuan.. BeInCrypto editors reported, that the Central Bank of China proposed to ban the issuance and circulation of private cryptocurrencies. The decision on the national ban on digital assets in China is expected by the end of 2020.

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Huawei introduced a smartphone with support for the digital yuan

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Huawei introduced a smartphone with support for the digital yuan
Huawei introduced a smartphone with support for the digital yuan

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