The new smartphone Huawei Mate 40 carries built-in hardware adapted to operate the digital currency of the People’s Bank of China. The device will enable one to conduct operations with the digital yuan without requiring connection to a mobile network or accessing the web.
At a conference for the press, Huawei CEO Yu Chengdong unveiled that the upcoming Mate 40 model operates transactions with the new People’s bank currency without being necessarily connected to a mobile network or the Internet, as reported by The Block.
It is not yet entirely clear if the smartphone allows one to directly convert fiat to digital yuan in its incorporated electronic wallet. However, it is known that the virtual yuan will also be operatable with independent physical hardware tools.
Earlier, People’s bank governor Yi Gang called for accelerated implementation of the digital yuan. The head of the regulator highlighted that the new digital currency would have an important role in the strengthening of the country’s economy. It will enhance the safety of conduct for the growing share of retail payments and turn them ever more efficient and convenient to use.
The digital yuan was piloted in market conditions in October. Around 50 thousand random citizens received a demo of the new currency for free, which they had to use before October 18. In the span of a week, users spent around 88% of the distributed amount, while some enthusiasts bought a further 900 thousand digital yuan (approximately $134 thousand).
