The Chinese company Chutian Dragon will release a digital yuan hardware wallet with fingerprint identification technology from the Norwegian company IDEX Biometrics ASA.
According to IDEX, Chinese manufacturing company Chutian Dragon plans to support the massive adoption of the digital yuan and release a government cryptocurrency hardware wallet supporting IDEX Biometrics ASA’s fingerprint identification technology. At the same time, it is not yet clear whether the People’s Bank of China (PBOC) is participating in the initiative.
Beijing-based Chutian has a long history of making smart cards for Chinese government agencies and state-owned enterprises such as the telecommunications conglomerate China Mobile and UnionPay China. Chutian plans to release card-based digital yuan wallets to provide hardware infrastructure for the government’s cryptocurrency.
According to IDEX, the partnership between Chutian Dragon and IDEX is based on a 2019 licensing and commercial agreement, when the companies jointly developed secure payment cards. Chutian said last month that only a small number of card-based digital yuan wallets have been released and that it has not yet been able to launch mass production.
“There are still many digital yuan uncertainties in our business, including research and development, manufacturing and marketing,” the company said at the time.
Chutian Dragon has more than eightfold shares since it went public in March and reached a market cap of $ 2.7 billion. Chutian Dragon is far from the only Chinese publicly traded tech company to benefit from the advancement of the Chinese digital yuan. Many payment technology startups have surged in shares thanks to the digital yuan initiative.
The NBK added “controlled anonymity” to the digital yuan, which means that users can anonymously transact with certain individuals or entities, but the central bank can view the data if transactions are deemed suspicious or illegal. Large digital yuan account balances can also lead to reduced privacy.
Recently, US Federal Reserve Chairman Jerome Powell said China’s efforts to develop the digital yuan will not push the United States into a race to release a government cryptocurrency. Powell is convinced that China’s approach is not the one the US should take when it comes to the privacy of transactions.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
