A Chinese banking institution successfully completes the integration of a hardware wallet for the country’s central bank-issued digital currency, the digital yuan
In line with the recent official announcement by Xiong’an authorities, the Xiong’an branch of the Agricultural Bank of China in Hebei has produced the primary hardware wallet designed for the digital yuan. The merchandise was developed by the Party Working Committee of the Xiongan New Area along with the PBOC [People’s Bank of China] branch in Shijiazhuang.
New areas in China are urban districts that are offered special economic support by the central government. They’re divided into state, provincial, and prefecture levels. Xiong’an might be a state-level new area.
As per the announcement, the new hardware wallet supports dual offline payments without an online connection. The [digital yuan] wallet also features payments without the utilization of mobile phones.
The new hardware wallet for the digital yuan comes in conjunction with the upcoming New Year holidays in China, offering an additional opportunity for native residents. The new hardware wallet reportedly permits users to transfer gifts to their relations and friends to precise their New Year’s wishes.
The wallet marks another milestone within the adoption of digital yuan adoption in China. As reported earlier, Xiong’an was one of the primary four regions to pilot China’s CBDC earlier in April 2020. The wallet’s launch within the Xiong’an New Area comes in accordance with China’s decision to accelerate the development of a smart city in Xiong’an New District within this year in 2021.
Also earlier in 2020, the native tech giant, Huawei, revealed its upcoming Mate40 smartphone series that will feature an integrated hardware wallet for the digital yuan.