Huawei's Mate 40 Phone to Ship With Digital Yuan Wallet

The upcoming Mate 40 line of devices will feature a built-in hardware wallet for China's central bank digital currency.

Oct 30, 2020 at 10:36 a.m. UTC
Updated Sep 14, 2021 at 10:25 a.m. UTC

China's digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.

  • Announced on Huawei's Weibo channel Friday, the Mate 40 line of devices will feature a built-in hardware wallet with "hardware-level security, controllable anonymous protection, and dual offline transactions," the tech giant said.
  • It's the latest sign that the CBDC, developed by the People's Bank of China, is likely to be technically ready for launch.
  • In recent weeks, a public trial in the city of Shenzhen saw 10 million digital yuan given away to residents in a kind of lottery.
  • Users could spend any winnings with a smartphone app at thousands of stores already set up with point-of-sale devices that can handle the digital currency.
  • The Mate 40 was announced in October and will be the latest flagship from Huawei, along with the Pro and Pro Plus models, according to TechRadar.
  • A release date is still unclear, but prices are expected to start at just over $1,000.
  • It's also not clear if devices shipped to other regions will sport the CBDC wallet.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

2
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

3
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

4
LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus

The most valuable crypto stories for Wednesday, May 18, 2022.

The most valuable crypto stories for Wednesday, May 18, 2022.