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Honor has launched the first smartphone with a digital yuan wallet

China is making strides towards its CBDC

The Chinese company Honor, operating in the smartphone sector, announced the launch of its first model equipped with wallet capable of hosting the digital yuan. An event which was hailed by many analysts as a real milestone. Judgment deriving from the fact that in practice the company has implemented the indication of the Banca Popolare di China to develop hardware to support its Central Bank Digital Currency (CBDC).
Indeed, it seems difficult not to agree with this opinion, which makes it even more evident that Beijing's attack on the global supremacy of the dollar is based on ever more concrete foundations. Moreover, such as to cause widespread fears in some sectors of the stars and stripes politics.

digital yuan - Honor has launched the first smartphone with a digital yuan wallet

Magic 3: the response to the demands of the PBoC

Il Magic 3, this is the name of the new model released by Honor, will be able to support a digital hardware wallet in yuan and is based on Qualcomm's latest Snapdragon chip.
Choosing a hardware device instead of software, for example in the form of an app, basically sounds like an answer to White Paper published by the PBoC, in which it was stated in no uncertain terms that hardware wallets are much more secure. And, above all, it makes it clear that many leading companies have no intention of going against central directives. Also because doing so would increase the risk of staying out of what promises to be a big deal.

About Honor

Honor was born in 2013, to respond to a precise function: to be the cheap brand of Huawei. But when the parent company found itself under Donald's gun Trump and the Washington government, the decision was made separation between the two brands. A decision originating in particular from the precise intent to free it from US sanctions. To do so, the company was sold to Shenzhen Zhixin New Information Technology.
Known for its extremely competitive prices, Honor has used a business model based on online sales in order to offer them. As a result of which it has been able to reduce the typical costs of a territorial commercial structure. Over time this modus operandi has undergone partial changes, but the sale on the web is still a peculiar feature of the Chinese brand.

The offensive of the digital yuan is increasingly evident

If a real date has not yet been set for the official launch of the digital yuan, it is now quite clear how the event is next. So much so as to push many observers to indicate the real watershed in this sense in the upcoming Beijing Winter Olympics.
A debut, that of the CBDC of Beijing, clearly destined to put the world of US politics in a state of fibrillation. Within which the party of those asking for a response to the Chinese offensive seems to be growing. If under Donald Trump the issue was underestimated enough, now the Digital Dollar Project it seems to go upstream. Also driven by that part of the cryptographic world which looks to it as a great opportunity to raise public awareness regarding the usefulness of digital money. A first move in this direction should take place in September, when the Federal Reserve will be called upon to comment on the project. A very long-awaited deadline.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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