Agricultural Bank of China unveils digital RMB hardware wallet

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The Agricultural Bank of China branch in the Hebei province of China has unveiled a hardware wallet for the People’s Bank of China (PBOC) digital currency.

The Xiong’an District Party Workers Committee and the PBC Branch in Shijiazhuang City District, Hebei Province participated in product development. The hardware wallet supports payments without an internet connection and without the use of mobile phones. The digital yuan wallet was introduced in conjunction with the upcoming Chinese New Year so that locals can use the tool to buy gifts.

The Chinese government provides special economic support to the Xiong’an region. It is one of the first regions to test the state-owned cryptocurrency of the Central Bank of China. The developers added that the launch of the wallet is being carried out to accelerate the construction of a new “smart city” in Xiong’an.

The release information for the digital yuan hardware wallet surfaced back in September. Earlier it was reported that the wallet will operate on a four-tier system that determines how much digital yuan customers can spend. However, the Agricultural Bank of China did not mention this.

In honor of the upcoming holidays, the Chinese authorities are organizing giveaways of digital yuan to test it out as a means of payment. Recently, the city of Suzhou announced this is the second time this lottery has been held, and in Shenzhen, the digital yuan has been tested three times.

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