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Huawei is integrating China’s digital yuan, a central bank digital currency (CBDC), into its HarmonyOS NEXT operating system.
This integration seeks to improve accessibility for around 1 billion smartphone users, facilitating the use of digital yuan via Huawei devices.
The HarmonyOS NEXT, also known as HarmonyOS 5.0, was officially launched on October 22, 2023.
HarmonyOS NEXT Represents Huawei’s Third Operating System
HarmonyOS NEXT represents Huawei’s third operating system and the first one developed entirely in-house.
Ranked as the third most widely used operating system worldwide—behind only Android and iOS—HarmonyOS NEXT is tailored to support applications specifically designed for HarmonyOS, setting it apart from earlier versions.
The creation of HarmonyOS was prompted by restrictions imposed by the U.S. government on Huawei in 2019, which encouraged the company to innovate beyond Google’s ecosystem.
Initially launched for smart TVs and wearables, the operating system began to enter the smartphone market in 2021, with plans for digital yuan integration already anticipated at that time.
With this new integration, users will not need to download a separate digital yuan application, enhancing the user-friendliness of the CBDC.
Improvements in wallet management and compatibility with other financial applications are also expected.
Additionally, there are plans to incorporate the digital yuan into various chips and Internet of Things (IoT) devices, thereby expanding its functionality across multiple platforms.
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The People’s Bank of China will gain enhanced security and monitoring capabilities through this integration, strengthening its ability to oversee digital currency transactions.
The digital yuan has been making steady yet significant progress, recently showcased at events such as the 2024 China Science Fiction Conference and the Craft Beer Festival in Beijing, where local residents possess approximately 22.6 million digital yuan wallets.
In a significant development for the global aviation industry, the International Air Transport Association (IATA) announced on October 29 that it would begin accepting digital currencies, with the digital yuan being the first option.
According to IATA’s senior vice president, Muhammad Albakri, “China is one of the most advanced countries in the world in the adoption of digital currency.”
The digital yuan will become the 74th currency processed by IATA as the organization prepares for its integration by the end of the year.
China to Amend AML Law to Address Risks Related to Virtual Assets
Earlier this year, China announced plans to revise its outdated Anti-Money-Laundering (AML) law to address the growing risks associated with virtual assets.
This initiative follows the fact that the country’s AML legislation has remained largely unchanged since its introduction over 17 years ago, not accounting for the emergence of cryptocurrencies like Bitcoin.
According to Andrew Fei, a partner at the law firm King & Wood Mallesons in Hong Kong, updating China’s AML law to address risks related to virtual assets is considered essential, given the significant advancements in international standards and best practices.
The Financial Action Task Force (FATF), an intergovernmental organization focused on combating money laundering and terrorist financing, has already provided comprehensive recommendations for addressing virtual assets in the proposed amendment to the AML law.
Although the FATF rated mainland China as “largely compliant” with virtual asset-related AML recommendations, the country’s ban on crypto activities exempted it from several criteria.
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