Huawei Mate 40 and digital yuan: tech jewelry that share many common points. They are both produced in China - that's the most obvious - and Donald Trump doesn't appreciate them.
The new Huawei Mate 40 range will be equipped with a crypto-wallet for the digital yuan. The Digital Yuan will therefore be already in the starting blocks, ready for launch. The dollar and the euro have some worries to worry about.
Crypto-yuan in your Huawei
On October
30, 2020, Huawei announces on its Weibo
channel, the integration of an e-wallet on the Mate 40 range with integrated
hardware security, controllable anonymity protection, and a dual-entry offline
transaction.
This crypto wallet will support the digital yuan, a further indication that it is technically ready for launch.
10 million yuan have been distributed in recent weeks to the residents of Shenzhen City as part of a consumer test of the Crypto-yuan.
Holders of Digital Yuan could spend them using a smartphone application in stores equipped with devices designed to accept Crypto-yuan payments.
The Mate 40 was announced in October 2020. Its price is expected to be just over $1,000 USD.
Digital Yuan vs Dollar - G7 vs Bitcoin and
Libra
China has
been working on its Digital Yuan since
2014. Its crypto should enable it to reduce the dollarization of the Chinese
economy. The Crypto-yuan is mainly
intended for trade on national markets.
For JP Morgan, the Digital Yuan threatens the hegemony of the dollar. But by aiming at the greenback, the Crypto-yuan could hit the euro.
The United States and its allies in the G7 show little interest in the Chinese digital currency for the moment. Their main enemies remain Bitcoin (BTC) and Libra (≋).
The European Central Bank prefers to tackle the term "stablecoin", which it finds ambiguous and needs to be reviewed.
Other Chinese manufacturers will certainly follow Huawei's example by integrating a crypto-wallet for the Digital Yuan in their smartphones. If those intended for export are also equipped with an application for payments in Crypto-yuan, the volume of international dollar transactions may take a hit. Will the race for central bank cryptos accelerate to 2021? Bitcoin (BTC) seems to have already started its bullish rally.
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