Chinese giant Huawei has just rolled out a new smartphone with a built-in hardware wallet compatible with the digital yuan, The Block has reported citing a press conference.
Huawei's CEO for the consumer business group, Yu Chengdong, has reported the Huawei Mate 40 is the first smartphone in the world to incorporate a hardware wallet that supports the People's Bank of China's digital currency.
According to Huawei, the Mate 40 will provide security while operating with the digital yuan and allow offline transactions. Yu has pointed out this feature was the next step in the use of the digital yuan in mobile devices.
The first news about the official cooperation between Huawei and the Digital Currency Research Institute of the People's Bank of China was known in November 2019. At that time, it was reported the aim of the cooperation was to research financial technologies.
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