Honor unveils first smartphone with digital yuan wallet

The device is powered by a Qualcomm Snapdragon 888 Plus processor and a 6.76-inch flexible OLED screen.Phone sales will startfrom 20 August.

Chinese company Honor introduced the flagshipMagic3 smartphone with hardware cryptocurrency wallet with digital yuan support. The device is available in two versions: regular and Pro. The Magic3 will be priced at 4599 yuan ($ 710 at the exchange rate as of August 13), while the Magic3 Pro will be available for 5999 yuan ($ 926). Smartphone sales will begin on August 20.

The device is equipped with a Qualcomm processorSnapdragon 888 Plus and 6.76-inch flexible OLED screen. According to Honor CEO Zhao Ming, the Magic3 is the first Snapdragon smartphone to support the digital yuan.

Digital Yuan is a national digital currencyissued by the Bank of China. Its testing started in October 2020. Since then, the Chinese authorities have distributed digital yuan worth $39 million to residents of the country. The drawings of the national digital currency were held in six cities of China - Shanghai, Beijing, Shenzhen, Suzhou, Chengdu and Changsha.

But China is preparing to use the nationaldigital currency in Beijing during the 2022 Winter Olympics. Sun Guofeng, head of the monetary policy department of the People's Bank of China, spoke about this in October 2020.

In mid-June, Beijing residents receivedthe ability to convert digital yuan into cash. And in July it became known that foreign tourists will be able to use the digital yuan without opening accounts in Chinese banks.

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