New York, Monday, November 08, 2024 – Huawei has incorporated China’s central bank digital currency (CBDC), the digital yuan, into its latest operating system, HarmonyOS NEXT.
Unveiled on October 22, 2023, HarmonyOS NEXT, also known as HarmonyOS 5.0, enhances accessibility to the digital yuan for up to 1 billion smartphone users globally, making it easier to transact without needing a separate app.
This latest operating system, developed entirely by Huawei, is now the third most popular globally after Android and iOS. Initially launched for smart TVs and wearables, HarmonyOS began penetrating the smartphone market in 2021.
This integration marks a significant shift as Huawei moves away from reliance on U.S.-based Google technology, spurred by sanctions imposed in 2019.
Through HarmonyOS NEXT, users can expect simplified wallet management and enhanced interoperability with other financial apps. Huawei’s plans to embed digital yuan functionality into chips and IoT devices are set to broaden the CBDC’s usability across various platforms. This integration is expected to improve transaction security and monitoring, providing the People’s Bank of China with a powerful tool for overseeing digital currency activity.
The digital yuan’s adoption has grown steadily, recently being featured at events like the 2024 China Science Fiction Conference and the Beijing Craft Beer Festival.
The International Air Transport Association (IATA) also announced it would accept digital currencies, including the digital yuan, marking the currency’s integration into the aviation sector by the year’s end.
