A Chinese bank has completed the development of a hardware wallet for the country’s central bank’s digital currency, the digital yuan
According to a February 7 Announcement by the 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 Xiongan New Area and the People’s Bank of China branch in Shijiazhuang.
New areas in China are districts that receive special economic support from the central government. They are divided into state, provincial and prefecture levels. Xiong’an is a new state-level area.
According to the announcement, the new hardware wallet will support dual offline payments without an internet connection. The digital yuan wallet also offers payments without the use of cell phones.
The new hardware wallet for the digital yuan comes along with the upcoming New Year holiday in China, offering an additional opportunity for local residents. The new hardware wallet reportedly allows users to send gifts to their relatives and friends to express their New Year’s wishes.
The wallet marks another milestone in digital yuan adoption in China. As previously reported, Xiong’an was one of the first four regions to test China’s CBDC in April 2020. The wallet’s launch in Xiong’an New Area is in line with China’s plan to accelerate construction of a smart new city in Xiong’an New District by 2021.
At the end of 2020, local tech giant Huawei announced that its upcoming Mate40 smartphone series will be released have an integrated hardware wallet for the digital yuan.