Huawei is releasing a bitcoin wallet in its own app store AppGallery. That app store is accessible in China, unlike the Google Play Store. This decision by Huawei is especially interesting as Chinese regulators have been tightening up on bitcoin and crypto currency the past year.
The move by Huawei is likely to significantly impact in the Chinese market, where the company is the biggest mobile phone seller. Cryptocurrencies continue to be hot in China, even though China has shut down cryptocurrency trading platforms and initial coin offerings.
Cashless transactions are already the standard in China, where AliPay and WeChat Pay are the default for daily transactions. If you live in China you will find yourself paying with your mobile for anything ranging from groceries in your supermarket to deliveries at your front door, the taxi, but also street vendors and even the occasional beggar will present you with their QR code to receive payment.
It will be interesting to see when mobile crypto payments will take off in China. The Chinese government will likely monitor this trend closely, as it plans to regulate cryptocurrencies. The government and the country’s central bank do not recognize bitcoin as a payment tool, but they are well aware that digital currency is inevitable.