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Chinese Banking Institution Creates A Hardware Wallet For The Country’s CBDC

A report said that Chinese banking institution has created a hardware wallet for the country’s central bank digital currency (CBDC).

It has been reported according to news agency Xinhua that the Postal Savings Bank of China has created a biometric hardware wallet for the project.

However, the biometric hardware wallet enables easy identity verification for users through fingerprint sensors on the card.

Could biometric hardware wallets be the future for digital currencies? Trials in China are underway with the idea of convenience at the forefront. (Reporting via @OsatoNomayo) — Cointelegraph (@Cointelegraph) February 17, 2021

The report said that consumers participating in the CBDC trials in Beijing are also able to use the card to access healthcare services. The Postal Savings Bank of China said that the hardware wallet, which is still in the testing stage, was designed to provide easier access to the CBDC and healthcare services for the elderly without needing to use smartphones.

It added:

“With this card, it is much more convenient to enter and exit public places, and you can pay with just one touch. It is especially suitable for the elderly who have difficulty using smartphones.”

Likewise, the Postal Savings Bank of China first began to develop physical wallet cards back in January. The biometric card is part of a growing list of hardware wallets for the digital yuan. Earlier in February, the Xiong’an branch of the Agricultural Bank of China also developed a hardware wallet for the digital yuan.

Chinese banks and financial institutions have been at the heart of CBDC-linked developments.

Apart from creating hardware wallets, the Agricultural Bank of China also launched an ATM pilot program allowing citizens to convert cash to the digital yuan.

Thus, several municipal authorities have also utilized airdrops and lotteries as means of bootstrapping early adoption of the Digital Currency Electronic Payment.

Source: Cointelegraph



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