A Chinese banking institution has completed the development of a hardware wallet for the country’s central bank digital currency, the digital yuan
According to a Feb. 7 announcement by Xiong’an authorities, the Xiong’an branch of the Agricultural Bank of China in Hebei has produced the first hardware wallet designed for the digital yuan. The product was developed by the Party Working Committee of the Xiongan New Area and the People’s Bank of China branch in Shijiazhuang.
New areas in China are urban districts that are provided special economic support by the central government. They are divided into state, provincial and prefecture levels. Xiong’an is a state-level new area.
According to the announcement, the new hardware wallet supports dual offline payments without an internet connection. The digital yuan wallet also features payments without the use of mobile phones.
The new hardware wallet for the digital yuan comes in conjunction with the upcoming New Year holidays in…