TECH

Huawei To Build Standards, Specs For China’s Digital Yuan Rollout As Tech Nationalism Momentum Grows

The Chinese tech giant was invited to the digital yuan event which discussed future projects on e-commerce solutions for transport, shopping and government services, among others.

Huawei has been selected as the only smartphone company to join China’s digital yuan technology solution, Huawei Central reported on Tuesday, citing a post from the tech giant.

In this July 15, 2020, file photo, visitors wearing masks to curb the spread of the coronavirus look at the latest products at a Huawei store in Beijing. China accused Washington of damaging global trade with sanctions that threaten to cripple tech giant Huawei and said Tuesday it will protect Chinese companies but gave no indication of possible retaliation

The Shenzhen-based firm attended the 4th Digital China Construction Summit, which took place from 25 to 26 April at the Fuzhou Strait International Convention and Exhibition Centre.

The summit was themed “stimulating new kinetic energy of data elements and starting a new journey in digital China”, where the Digital Currency Research Institute for the People’s Bank of China led the Digital Yuan exhibition.

According to the post, Huawei has been contributing to digital yuan research with the PBoC by developing technical specifications for the Huawei Mate 40 series.

The Mate 40 series smartphone has become the first to back China’s digital yuan hardware wallets with standards from the Digital Currency Research Institute.

“Huawei is based on hardware, software and cloud collaborative innovation to help realize the secure storage and offline transactions of digital RMB. At the same time, it also strives to build rich application scenarios for digital RMB, to help build unmanned hotels, [and others]” general manager of payment and map business for Huawei’s consumer cloud service, Ma Chuanyong said.

The news comes as China has begun trialling its digital yuan programme across numerous cities, including Beijing, Shanghai, Guangzhou, Shenzhen and numerous others. Roughly 100m yuan ($15.4m USD) have been issued, reports show.

A Chinese yuan sign is seen at a currency exchange shop in Hong Kong, Tuesday, Aug. 11, 2015. China devalued its tightly controlled currency Tuesday following a slump in trade, allowing the yuan's biggest one-day decline in a decade. (AP Photo/Vincent Yu)

The ‘red packet’, or hong-bao (红包) programme will allow users to shop or eat at restaurants via a digital wallet with the state-backed cryptocurrency.

The developments come as the Chinese tech giant seeks to expand research and development amid the ongoing US trade war on China, which has blocked the firm’s access to key US technologies, including semiconductors and software.

 

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