On October 30, it has been reported by an official Huawei post on the Chinese microblogging website Weibo that this will be the first smartphone to feature such a wallet.
Mate40 series from @HuaweiMobile to feature integrated hardware wallet for #DigitalYuan. https://t.co/mnI3kYyrvJ — Cointelegraph (@Cointelegraph) October 30, 2020
However, the post also promises that users will be able to control and protect their anonymity and perform dual offline transactions, as these enable mobile phone users to transfer funds simply by touching their devices together, even if both are offline.
The report stated:
“#HuaweiMate40# series is the first smartphone that supports digital RMB hardware wallet, hardware-level security, controllable anonymity protection, dual offline transactions, bringing a new safe and convenient payment experience.”
Likewise, Huawei is also offering a free Mate40 Pro to the Weibo user who forwards the post to the most people.
The Mate40 is the first Huawei smartphone to utilize 5nm chip technology, as recently debuted on Apple’s iPhone 12. The technology allows billions of more transistors to be packed onto a single chip, significantly increasing the potential power.
Due to the ongoing trade war between the United States and China, Huawei will be unable to acquire or make more of its Kirin 9000 processors once its current stockpile runs out.
Elegance is here. Mystic Silver, Profound Black and Pristine White. Unique colours and a classic design, pick one to match your style from the #HUAWEIMate40 Series. See more: https://t.co/hTUfBFOIwm#LeapFurtherAhead pic.twitter.com/PDRUiJgODp — Huawei Mobile (@HuaweiMobile) October 29, 2020
Moreover, China’s digital yuan is reportedly already in the testing stages, as several countries to be the first to launch a CBDC.
Thus, one of the major drivers behind China’s accelerated development of its digital currency is to act against the influence of the US dollar in global trade.