The newly rolled out Huawei mate 40 is the first smartphone known as DECP. The mate 40 will deliver hardware-level security and controllable anonymity for the digital currency. The device will allow for transactions to be conducted too even in an offline environment. Information as to whether users will be able to directly convert any funds in their bank accounts into the physical yuan is not made known but Yu Chengdong, Huawei’s CEO for the consumer business stated that this feature is a step to expand it’s usage of digital yuan on the mobile front. A post on Weibo also stated.

Huawei Wallet, let your wallet upgrade again.  #HuaweiMate40# series is the first smartphone to support digital renminbi hardware wallets, hardware-level security, controllable anonymous protection, dual offline transactions, and bring a new safe and convenient payment experience.  With the topic #HuaweiMate40# forwarding series of live Weibo, one person will be randomly selected from the Weibo with the highest number of forwarding to give one Huawei Mate40 Pro (8GB+256GB, random colors), until 22:00 on November 6, 2020.

Huawei Mate 40 specs 

The device comes with 128GB of storage, 8GB of RAM. It weighs 188g, about 6.5 inches with a 1080 X 2376 OLED Screen display. It has a 5nm Kirin 9000 5G chipset with 3 rear Cameras, one with 50 megapixel H19, a 16 megapixel H2.2 ultra wide-lens and an 8 megapixel H2.4 telephone lens in an eye-catching circular design. It has a 13 megapixel front camera Battery is 4,400 mAh and a fingerprint radar under the display.

“They don’t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet,” said Mu Changchun, the head of the research institute for digital currency at the People’s Bank of China. He spoke in Shanghai at the 2nd Bund Summit, co-organised by the China Finance 40 Forum.

Access to the digital yuan is through an app that some customers may choose to use instead of private mobile wallets. Wang Leilei also disclosed that participants interested in the pilot run in Shenzhen earlier this month were asked to download a specific app for the Digital Currency Electronic Payment (DCEP).

“If the digital money is to be allocated through the app, some people may switch to the app, while others may transfer it to WeChat or Alipay. It depends on consumers and the use case,” Wang said.

Mu Changchun also stated that they still had to deal with a major age-old problem similar to physical cash, and that is counterfeiting. He revealed that they have seen counterfeit digital yuan wallets on the market although he didn’t go in details.

Currently, the bank is running it’s first DCEP trials and is conducting this with institutions and various merchants in China’s Southern tech hub of Shenzhen. They also recently gave out 10million yuan worth $1.5million recently receiving through the lottery to over 47,500 people.  It was awarded in the form of “red packets” with each containing 200 yuan. Individuals who got this yuan could actually spend this in the approved designated shops. Over 1.9milliom reportedly signed up in order to take part in the giveaway.

The DCEP operates in two phases. The first involves the issuing of the digital yuan done by the Central Bank, the second involves the designated institutions such as commercial banks, which is distributing the currency to users.

Coin telegraph reported that Bitmain opened the “World’s largest” facility for Bitcoin mining in Rockdale, Taxes back in October, 2019.

Testing Going On

Kevin Turner, president and CEO of Core Scientific said “Core scientific has received and began testing  

Core Scientific has received and begun testing the first of Bitmain’s newest ASIC miners, and has seen material success in increasing existing hash rate to achieve a 110 TH/s ± 3%.

Russell Cann, chief Customer Service Officer of Core Scientific said “Our view is that this rise in interest and increase in capital allocation and investment can be attributed to the growing acceptance of crypto and/or digital assets as an investment asset class as well as the favorable investing characteristics of North America; specifically, the stable geopolitical and regulatory environment, suitable climatic conditions and multiple energy sources presentImportantly, with the collapse of energy pricing, the lower cost power areas in the US and Canada, are creating some unique project opportunities for larger-scale miners, like Core Scientific, to consider.”

Those in charge of creating this platform are Suzhou Municipal Market Supervision Bureau and the Suzhou Municipal Bureau of Justice. The platform will cover personal freedom,health, property rights, life and many more.

Audio and Video records are to be shared among notaries involved for legal purposes, so all materials will be made available through the Cloud. This will aid the use of real-time tracing functions.

The platform is set to be called “The Suzhou Notary Chain”. All information shared on the cloud platform will allow the administrative law enforcement unit to utilize the platform for online notarization. Unlike the previous standard of storing data within a law enforcement database, all data will be saved on the newly set up platform which is blockchain based, the platform will process this information from the recording to the distribution. This will allow for easy data storage, high security, non-tampering and traceability which would in turn improve transparency.

CHINA AND CRYPTO

China has done a lot recently pertaining to cryptocurrency and blockchain technology adoption. They are also working on their own possible cryptocurrency. The Chinese Anhui also launched its first blockchain technology platform in April, the system will help them record and store certificates, and will help them manage these records too. This will help prevent fraud and increase credibility.

With governmental platforms being built on blockchain technology, soon we will have other sectors in the world see the need to adopt it as well.

After news that China has over 70% of Bitcoin mining power, we got the news that Trump administration and the White House have been in discussion about Cryptocurrency and specifically Ripple XRP.

Although this sounds far fetched and President Trump would likely never promote any crypto or implement using it, there is a possibility that they may support it over Bitcoin, Ethereum and other currencies. If China has the majority share of mining power for both Bitcoin and Ethereum, then the United States is going to be missing out of a massive amount of wealth in yet another area.

With xRapid just going live, we are yet to see many companies using XRP, but Brad Garlinghouse (Ripple CEO) has stated that by end of year 2019, they will have dozens of banks using xRapid and XRP for cross border payments. Not only that, but their xPring program is constantly getting new use cases for XRP and Codius is quickly picking up traction as well.

It would be crazy to see Trump and US govt adopt Ripple and XRP, but there has been many predictions of XRP becoming a world currency and premier digital asset. With China having the majority share of other top 2 cryptos, Ripple and XRP are a very valid candidate.

Imagine what would happen if Trump announced support of XRP in a tweet! Maybe that $589 end of year price prediction by Bearableguy123 are possible after all?