Development of hardware wallet for digital yuan completed in new area of Xiong’an
China’s first hardware wallet for digital yuan supports dual offline payments without internet connection.
A Chinese banking institution has finished developing a hardware wallet for the country’s central bank digital currency, the digital yuan.
According to an announcement by authorities in Xiong’an on 7 February, the Agricultural Bank of China in Hebei has developed the first hardware wallet for the Bitcoin Future digital yuan. The product was developed by the Xiongan New Area Workers‘ Party Committee and the People’s Bank of China in Shijiazhuang.
These New Areas in China are urban districts that receive special economic support from 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 wallet for the digital yuan also enables payments without the use of mobile phones.
With the new hardware wallet
The new digital yuan hardware wallet has been finalised ahead of the New Year holidays in China, providing an additional opportunity for residents. With the new hardware wallet, users can send gifts to their family members and friends on New Year.
The wallet is another milestone in the introduction of the digital yuan in China. As previously reported, Xiong’an was one of the first four regions to test China’s CBDC in April 2020. The introduction of the wallet in the Xiong’an New Area is part of China’s plan to accelerate the construction of a new smart city in the Xiong’an New District in 2021.
At the end of 2020, Chinese tech giant Huawei announced that its upcoming Mate40 smartphone will come with an integrated hardware wallet for the digital yuan.