Honor to release first smartphone with digital yuan wallet

The Chinese smartphone brand Honor will release the first smartphone with a digital yuan wallet. CoinDesk, citing a statement by the company’s chief executive, George Zhao.

The new Magic 3 devices, powered by Snapdragon 888, are equipped with hardware wallets for use with the digital currency of the People’s Bank of China. The central bank believes such wallets provide enhanced security.

China is actively developing the digital yuan. Last month, the People’s Bank of China published first white paper on the digital currency.

In June, it emerged that Beijing authorities would allocate more than $6 million for testing the asset, and in August they fully integrated it into its payment ecosystem.

For more on the Chinese digital currency and the reasons for heightened activity around the new payment instrument, read ForkLog’s exclusive.

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