The tech giant Huawei unveiled the Mate 40 smartphone with a built-in hardware wallet for China’s central bank digital currency, according to The Block.
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The company claims that the Huawei Mate 40 model will ensure security when working with DCEP. Users will be able to conduct offline transactions.
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How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP)
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At this stage, it is not stated whether Mate 40 owners will be able to directly convert fiat currency into the digital yuan. However, a Huawei spokesperson noted that the wallet’s development marked the next step in using the central bank’s currency on mobile devices.
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Earlier, the Chinese regulator stated its readiness to test an offline wallet for the digital yuan.
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Ventures’ managing partner Dovi Wan believes that, thanks to the new payment instrument, the People\’s Bank of China will tighten control over monetary policy.
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