Magic3 is the latest release of Honor. It is equipped with the Qualcomm Snapdragon platform and has a digital yuan wallet incorporated.
The Chinese smartphone manufacturer Honor announced in a press release the launch of its first mobile on the Snapdragon platform to support digital RMB. The Magic3 series is equipped with the Qualcomm Snapdragon 888 Plus chip, and its starting price is 4599 yuan (about $700).
“The future for Honor in China is very bright. As it is expanding into high-end phones, Honor now has a great window of opportunity to seize the sales to government enterprises. Huawei previously leaned heavily on sales to government enterprises. Xiaomi, Oppo, and Vivo never focused on that part of the market.”said Nicole Peng, vice-president of mobility at Canalys.
The central bank of China has been holding several CBDC trials in major cities like Shanghai, Suzhou, and Shenzhen. The lottery held in Shenzhen officially started in January 2021 giving them the opportunity to win 20 million digital yuan, which are worth over 3 million US dollars.
The PBoC released a digital yuan “Progress of Research & Development” paper in July. It claimed that the digital yuan has already been used on more than 70 million transactions worth approximately $5 billion. This is the first time the CBDC will be stored in hardware wallets.