China Is Testing A Hardware Wallet For Digital Yuan

The development of the state-owned Chinese cryptocurrency continues – photos of a hardware wallet for the digital yuan that does not require a smartphone have appeared on the Network.

Despite rapid economic development, about 40% of the Chinese population still does not use smartphones. That is, about 700 million people will not be able to use state cryptocurrency features that are available on smart phones. For such people, a self-sufficient hardware wallet in the form of a credit card is designed.

The hardware wallet, which was tested in Shanghai, is a credit card-style device with a monochrome liquid crystal screen in the upper-right corner. It displays the transaction amount, available balance, and some details about the transaction.

Dr. Yu Yiming from a hospital in Shanghai used his new wallet to pay for lunch in the hospital cafeteria said:

This is my first time using digital yuan for shopping. The system seemed very convenient to me, especially since I can see the balance on the screen. It’s very soothing.

The most popular comment on the Chinese social network Weibo.

And what, now everyone will see that I have very little money.

Flex Yang, CEO of Hong Kong-based Babel Finance said:

A hardware wallet for the digital yuan will help to include people who previously did not have access to banking services in the financial system. It will also help the economy recover from the COVID-19 pandemic.

It should be noted that today, a new stage of testing the digital Yuan began in Shenzhen. Residents of the city were given 20 million digital yuan as part of a free lottery, which at the current exchange rate is about $3 million. They can spend money at 10,000 points around the city.