Honor, a Chinese smartphone manufacturer, has unveiled the Magic3, a low-cost cellphone that doubles as a Digital Yuan wallet.
According to reports, the People’s Bank of China’s (PBoC) attempts to introduce a mobile phone with a Digital Yuan wallet, which can assist boost its adoption initiatives, the Honor Magic3 smartphone is a feather in its cap.
The PBOC has proceeded to the next stage of its digital yuan development and is looking for local technology companies to create new software tools to aid in the widespread acceptance of the new currency.
Honor’s Magic3 is the first Snapdragon device to support the Chinese currency. Qualcomm’s 888 Plus Chip is used in the phone.
Here’s a short intro about the smart phone by none other than CEO Xepri jon Kirchner.
Since October 2020, other phone brands have been developing capabilities for Chinese Central Bank Digital Currency (CBDC).
China explosively expanding its digital yuan services all across the country for acquiring investors quickly and early to de-dollarize the nation and to get rid of bitcoin investors as china was one of the biggest bitcoin mining hub before crackdown.
CHINESE CBDC ACCEPTED BY HONOR AS A FUTURISTIC STEP
The Honor Magic3 is the first phone from the Snapdragon 888 chip design to support the Chinese Central Bank Digital Currency (CBDC).
Huawei debuted its Mate 40 devices in the third quarter of last year, with support for the digital yuan built in, according to a previous Coinspeaker article. At the time, the Huawei Mate 40 was the first phone to offer such capability.
As part of the endeavour to establish the correct distribution strategy for the Digital Yuan, the major Chinese financial institutions have begun processing applications for DCEP wallets, according to Coinspeaker.