The digital yuan is on it's way to come to live and giant technology companies who don't want to stay out of innovation are building hardware wallets to be able to use it with security and stay up to date.
The chinese manufacturer technology firm Huawei built a new smartphone that comes with a physical wallet of digital yuan that will work online and offline (to make transactions) and it's first mobile device coming with support to the Central Bank Digital Currency (CBDC) also dubbed DCEP, digital currency electronic payment.
The smartphone is a the Huawei mate 40 and is clearly a step thru inclusion of the giant brand into acceptance of the chinese future payments, which is coming in the next times.
The new smartphone will come with features that will provide the users of mate 40 an anonymously transaction when deal with digital yuan, and also have all condiments to link and sign-up to the Bank application without need to download any external wallet, the device is a physical wallet to host the chinese digital money.
Chinese digital yuan have been on plans since 2014 and different from others central bank digital currency, it will substitute paper money. The digital yuan will become the biggest digital cash to enter the market in the coming times, China is the second biggest worldwide economy and this mark won't pass noted. When this Asian enter to digital yuan powered by blockchain many Western countries and not only, will show their interest to adopt digital currency electronic payment.
The digital yuan is still on pilot phase and already gave away more than $1.5M in red packets to disseminate it on the city of Shenzhen (one that is hosting the first tests of acceptance and usability of the new digital currency) and the plan is that this gifts can make it the people in China to start using the digital yuan more often and generate more than what the government gave away to test the money, and seems that the people is accepting it with news coming from the giant nation saying that more digital yuan have been used in the past weeks after the giveaway!
Of course technology companies won't stay away from this development and will have a preponderant part, as they have the technology to build devices with storage for the digital yuan and the money will be stored in smartphones and other devices that will have the approval of the Central bank.
Many countries around the world are on the news and trying to copy what China is doing and are showing interest to adopt own digital money. The country who released their own digital currency is the Bahamas, this small country is already using their digital cash, the Sand Dollar, and is the first nation in the world to adopt it and plans also to make international transaction using it.
In Asia, Cambodia is also planning to release their DCEP and soon more countries will publish their open interest on this kind of currency.
Some examples of countries with interest or are studying more digital money based in blockchain are:
Japan, Thailand, England, Tunisia, Ghana, Egypt, Philippines, Singapore, France and many more in the world.
Of course some of this countries are just seeking for better ways of payments that can also be cheap and fast manners to transact nationally and cross border, even the Central European Union said that will study a way to issue digital Euro if Banks fail to present them a more reliable form of payment in the next times.
The world is changing and the ones who can have the dominance and knowledge of blockchain will be the ones who will be the winners, the future of issuance of money will relay of it and the future of cash is digital!
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Take care and have a wonderful Sunday.
It's very good news for us...