A Chinese banking institution has completed the development of a hardware wallet for the country’s central bank digital currency, the digital yuan
According to a Feb. 7 announcement by Xiong’an authorities, the Xiong’an branch of the Agricultural Bank of China in Hebei has produced the first hardware wallet designed for the digital yuan. The product was developed by the Party Working Committee of the Xiongan New Area and the People’s Bank of China branch in Shijiazhuang.
New areas in China are urban districts that are provided special economic support by the central government. They are divided into state, provincial and prefecture levels. Xiong’an is a state-level new area.
According to the announcement, the new hardware wallet supports dual offline payments without an internet connection. The digital yuan wallet also features payments without the use of mobile phones.
The new hardware wallet for the digital yuan comes in conjunction with the upcoming New Year holidays in China, providing an extra opportunity for local residents. The new hardware wallet reportedly allows users to send gifts to their family members and friends to express their New Year’s wishes.
The wallet marks another milestone in the adoption of the digital yuan adoption in China. As previously reported, Xiong’an was one of the first four regions to pilot China’s CBDC in April 2020. The wallet’s launch in the Xiong’an New Area comes in accordance with China’s plan to accelerate the construction of a smart new city in Xiong’an New District in 2021.
In late 2020, local tech giant Huawei announced that its upcoming Mate40 smartphone series will feature an integrated hardware wallet for the digital yuan.