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Central bank digital currencies have been in talks lately because of their use cases.
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Recently, we have witnessed several countries planning to launch their own digital currency.
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The latest hardware wallet feature on the Huawei smartphone will provide exposure to the Chinese digital Yuan.
Huawei will launch a new smartphone that will offer a wallet for China Digital Yuan users. They made this announcement yesterday 30th October via the Huawei Post and has put the crypto community in a state of anticipation.
This new smartphone from Huawei is part of its Mate40 series of smart devices that comes with security at the hardware level. The company is giving away this Mate40 Pro to any Weibo user to forward their posts to a larger number of people.
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The Mate40 smartphone for digital yuan is the first of its kind. There has been no smartphone with a hardware wallet and users of China’s central bank currency can conduct their transactions on the go. With the smartphone, Digital Yuan users can make double transactions offline and also control anonymity.
They can do whatever they want with their digital yuan even when they are offline. Users can transfer yuan by tapping two devices together and that’s it. They do not need to have an active Internet to facilitate the transfer. Plus, users will no longer have trouble protecting their identities. This device gives them more control to carry out their transactions without revealing their identities.
Huawei Smartphone to facilitate smarter payment with Digital Yuan
According to the telecom giant, its new Mate40 smartphone provides a more convenient and secure way to make yuan payments. This smartphone is special and unique because it is the first with 5nm chip technology. This feature makes it possible for developers to pack billions of transistors onto a single chip. With such a development, the device becomes more powerful than others.
This technology was first introduced by Apple in its iPhone 12 and it is surprising that Huawei is also replicating it in this new entrant. But the challenge now is how the telecommunications company can keep producing this phone.
With US trade restrictions, they can no longer import chips from their US suppliers Huawei can only depend on their current stock, but what happens when it runs out. However, China Yuan will hit the market soon because it is already undergoing the necessary tests to date.
From what we gathered, there is a rush to launch digital currency as there appears to be a race among many countries to achieve their own central bank digital currency. In addition, China aims to reduce the dominance of the US dollar in international trade. Of all indications. the trade war between the two countries seems not to be disappearing anytime soon.