Honor, a Chinese smartphone company founded in 2013, launched the first Snapdragon-powered device to support the digital yuan, marking a significant step forward in the People’s Bank of China’s ambition to build hardware for the digital currency.
The Honor Magic3 includes a digital yuan capability called Hard Wallet, which enables secure and easy payment without a network connection by merely tapping the NFC. In addition, the Honor Magic3 is the first device in the Snapdragon 888 series to support 3D face recognition. It also suggests that apps and access records have the least amount of authorization, which helps to prevent invasions of privacy.
Honor follows five design principles for its products privacy protection: simplification, transparency and reliability, side-end processing, anonymity, and data security. The central bank stated in its most recent white paper that, unlike soft wallets such as applications, hardware wallets offer hardware-level privacy.
The PBoC has pushed for additional hardware uses of the digital yuan, and tech companies and banks have responded with innovative gadgets including ATMs and a hardware wallet.
The Chinese central bank expressed worry about the global financial risks presented by digital money a few months ago. Stablecoins like Tether, according to Fan Yifei, a deputy governor of the People’s Bank of China, pose a danger to global banking and settlement systems.
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