A Chinese banking institution has completed the development of a hardware portfolio for the country’s central bank’s digital currency, the digital yuan
According to the February 7 announcement by the Xiong’an authorities, the Xiong’an branch of the China Agricultural Bank in Hebei produced the first hardware wallet designed for digital yuan. The product was developed by the Party Work Committee of Xiongan New District and the branch of the People’s Bank of China in Shijiazhuang.
The new areas in China are urban areas that are provided with special economic support by the central government. It is divided into state, county, and county levels. Xiongan is a new nationwide district.
According to the announcement, the new hardware wallet supports dual offline payments. A digital yuan wallet also features mobile-free payments.
The digital yuan’s new hardware portfolio comes in conjunction with the upcoming New Year holidays in China, providing an additional opportunity for locals. The new hardware wallet is said to allow users to send gifts to their family members and friends to express their new year wishes.
The wallet marks another milestone in the adoption of the digital yuan in China. As previously reported, Xiong’an was one of the first four regions to conduct the Chinese CBDC experiment in April 2020. The launch of the portfolio in Xiong’an New District comes in accordance with China’s plan to accelerate the construction of a new smart city in Xiong. New neighborhood in 2021.
In late 2020, tech giant Huawei announced that its upcoming Mate40 series smartphones will feature an integrated hardware portfolio for the digital yuan.