Huawei’s Mate 40 Will Be Digital Renminbi Hardware Wallet

192

Chinese tech giant Huawei has announced that its Mate 40 smartphone will be capable of independently serving as a “hardware wallet” for the digital renminbi.

Richard Yu Chengdong (余承东), Huawei’s CEO of consumer operations, said that the Huawei Mate 40 series of smart phones will support functionality as a “digital renminbi hardware wallet” in accordance with standards released by the Chinese central bank’s Digital Currency Research Institute.

Users will be able to use the Huawei Mate 40 for participation in digital renminbi trials currently being held around China.

Huawei previously participated in research into standards for digital renminbi hardware wallets and the development of wallet functionality, and is currently taking part in digital renminbi trials and applications in the southern tech hub of Shenzhen.

Mu Changchun (穆长春), head of the Digital Currency Research Institute, said in October that full development of “dual offline” (双离线) digital renminbi wallets had been completed, and that their usage has thus far proved to be “comparatively successful.”

The wallets make use of near field communications technology to permit the transfer of the digital renminbi between different devices simply by tapping them or placing them in close proximity, without any need for an Internet connection or even a telecommunications signal.

Related stories

Development of Dual Offline Digital Renminbi Wallets Is Complete: Chinese Central Bank’s Digital Currency Chief


Digital Renminbi Will Enable Precision Control of Money Supply: Ex-Bank of China Head

Digital Renminbi on Track for Trade Finance Trials in Shanghai, Experts Forecast Boost to International Usage

LEAVE A REPLY

Please enter your comment!
Please enter your name here