A China-based banking entity has reportedly finished designing the first hardware wallet for the nation’s CBDC – the digital yuan, facilitating dual offline payments.
Specifically, the Xiong’an branch of the Agricultural Bank of China located in Hebei has reportedly finalized the creation of the first hardware wallet dedicated to the digital yuan.
The solution was reportedly built by the joint efforts from the Party Working Committee of the Xiongan New Area and the People’s Bank of China branch in Shijiazhuang.
New territories in China are reportedly urban districts that receive particular economic support from the central authority. They are split into state, provincial and prefecture layers. Xiong’an is a state-level new area.
The new hardware wallet will reportedly be made available with features facilitating dual offline payments without an internet connection. The digital yuan wallet also comes with payments without the use of mobile phones.
The digital yuan-focused new hardware wallet was reportedly rolled out in line with the anticipated Lunar New Year in China, offering a greater chance of exposure for people in the nation. The new hardware wallet reportedly enables gift sending to clients’ family members and friends to express their New Year’s wishes.
The wallet is reportedly another significant development, regarding the adoption of the digital yuan adoption in China. Previously, Xiong’an was among the first four areas to run trials for China’s CBDC in April last year.
The release of the wallet throughout the Xiong’an New Area comes amid the time when China’s initiative for speeding up the construction of a smart new city in Xiong’an New District in 2021 is reportedly in place.