The rapidly expanding field of cryptocurrency continues to be influential in the inclusion of companies in the sector in this field. In this context, Chinese smartphone manufacturer Honor introduced the first Snapdragon-powered smartphone that supports China’s digital Yuan.
According to the announcement, Honor will launch the Magic3 model, an affordable smartphone with the ability to support a hardware wallet for the CBDC project of the Bank of China (PBoC). Thus, the Magic 3 series will be the first Snapdragon-powered smartphone to support a hardware wallet for the digital Yuan.
Honor, formerly a subsidiary of Huawei, states that Magic3 wallets, unlike other digital asset storages, have top-notch hardware that will provide users with tight payment-level security protection. It will also be the first device of the Magic 3 series to launch since the China-based smartphone maker became an independent enterprise. Meanwhile, while the Honor Magic3 is the first phone with a Snapdragon 888 chip design to support the digital Yuan, other phone brands have been developing devices that support China’s CBDC since last year.
Countries Enter CBDC Race
A fifth of the world’s central banks are likely to issue some form of CBDC within the next three years, according to a January survey by the Bank for International Settlements (BIS). The survey of 65 central banks found that 86 percent are already exploring the benefits and disadvantages of digital currencies, testing some possible designs.
China, the leading country in this field, has been actively increasing CBDC trials since last year, although it publicly announced its digital yuan trials in March. The United States, which lags behind China, frequently expresses its concerns about the impact of the digital Yuan on the world reserve currency and the dollar.