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Huawei is expanding China’s digital currency reach by integrating the digital yuan into its HarmonyOS NEXT system, enabling seamless access for up to 1 billion smartphone users as digital finance takes a bold step forward.
Huawei's HarmonyOS NEXT Brings Digital Yuan to Billions
Reportedly, the HarmonyOS NEXT operating system from Huawei, a Chinese telecoms corporation, would support the digital yuan central bank digital currency (CBDC). As many as one billion smartphone owners will find the digital money more accessible and user-friendly thanks to the integration.
On October 22, the operating system known as HarmonyOS 5.0 update, or HarmonyOS NEXT, was released. It is the first operating system that Huawei created in-house and the third overall.
Additionally, it ranks third among all operating systems, behind only iOS and Android. With HarmonyOS NEXT, you can only run native HarmonyOS programs, unlike earlier versions.
Overcoming Sanctions and Paving the Way for Innovation
After being "banned" by Google in 2019 as a result of US government sanctions, Huawei went on to build HarmonyOS. After making its debut in smartwatches and smart TVs, HarmonyOS made its way to phones in 2021. Back then, discussions on incorporating the digital yuan were already underway.
With this change made, the digital yuan app is no longer necessary for CBDC users. Services for managing wallets and integrating with other financial applications will continue to be enhanced.
Another source claims that the digital yuan will soon be even more embedded in IoT chips, modules, hardware, and operating systems.
Enhanced Security and Monitoring Capabilities
Additionally, the connection will provide the People's Bank of China with better security and monitoring capabilities, according to Cointelegraph.
A lot of things are moving forward slowly but steadily for the digital yuan. Just in time for the 2024 China Science Fiction Conference, an event involving the digital yuan took place in Beijing.
The city's Craft Beer Festival and the 2024 World Table Tennis Championships were both impacted by the digital yuan. Just 22.6 million digital yuan wallets are in the possession of Beijing residents.
IATA Embraces Digital Yuan as First CBDC
The IATA declared its intention to start accepting digital currencies on October 29. Initially, the digital yuan was chosen. Muhammad Albakri, a senior vice president at IATA, stated that China is one of the most advanced countries in the world in the adoption of digital currency.
When the IATA begins taking the digital yuan before the end of the year, it will become the 74th currency that the organization handles.
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