Honor unveils its first smartphone with digital yuan support
Chinese smartphone maker Honor has unveiled one of its latest devices called the Magic 3, the company's first smartphone to support the digital yuan. This was announced by the CEO of Honor Zhao Ming during a press conference.
Today, Chinese technology companies are engaged in the development of devices that support and distribute e-CNY on Celestial Empire's territory. The People's Bank of China has previously stated that it welcomes technology initiatives related to the popularization of the people's cryptocurrency. Thus, its representatives provide significant support to the country's banks, which are installing their ATMs in the largest cities to carry out financial transactions with the digital yuan.
There is also a note about this in the whitepaper of the project, where the authors indicated that the main difference between hardware wallets and software ones (for example, applications for your gadgets) are integrated security solutions at the hardware level. This allows them to provide a greater degree of protection for users' funds.
The Magic 3 is based on a fresh Qualcomm processor Snapdragon 888, which will make the smartphone one of the most productive on the market. The flagship version of the device in China will cost 7999 yuan, which is equivalent to $1235 at the current exchange rate, while the starter version of Magic 3 will cost customers 4599 yuan, or $710.
Recall that in early August it became known that the Beijing authorities integrated the Chinese CBDC into the payment ecosystem for further more extensive testing.
Given the pace of development of the Chinese stablecoin, the device from Honor may soon be joined by dozens of other gadgets from major manufacturers, including such giants as Xiaomi, Huawei, and many others.