Big-name companies continue to show supportive interest in the development of China’s central bank digital currency (CBDC). However, the People Bank of China (PBOC) hasn’t disclosed the actual launch date for the digital currency. While the wait continues, popular Chinese smartphone manufacturer Huawei disclosed its intention to integrate a digital currency wallet on its latest smartphone.
Huawei to Support Chinese Digital Currency
Huawei disclosed the information on Friday through its Weibo channel. The smartphone maker specifically intends to integrate the digital wallet on its upcoming Mate 40 series of phones. Among other things, the digital wallet constitutes hardware-level security to ensure the safety of users’ digital yuan. Huawei also disclosed in the update that the wallet could equally support dual offline transactions.
Additionally, the planned digital wallet for Huawei’s Mate 40 phones comes with controllable anonymous protection to keep users private. Reportedly, the Mate 40 line of smartphones is the company’s latest flagship phone announced earlier this month. Huawei hasn’t announced the release date yet, and it remains unknown if the phones shipping abroad might use the digital wallet. The development today can promote the accessibility and adoption of the Chinese digital currency.
Digital Yuan Launch is Imminent
The disclosure today and other previous developments somewhat indicates that the digital currency launch is imminent. Recently, Blocdesk reported that the Shenzhen authorities gave out the Chinese CBDC to 50,000 lucky contestants. The giveaway was part of the ongoing pilot program, and the result was remarkable. The lucky contestants could buy items from the locals using the digital currency.
For the record, meanwhile, the central bank of China doesn’t plan to distribute the digital currencies through private mobile wallets. Instead, the central bank is developing an official wallet application through which the digital currency gets distributed to the public. As such, Chinese residents can choose to transfer the CBDC to their preferred private wallets like AliPay, WeChat, and probably Huawei’s wallet. A Chinese fintech consultant, Wang Leilei, made this known in a recent report.
It’s no longer questionable if central banks are serious about the concept of CBDCs, as Cambodia already launched theirs. More countries keep joining the trend, with Kenya being the latest in Africa following a recent report by Blocdesk.