Between mistrust and trust in virtual currencies, the Chinese brand has chosen its side
The world's third-largest smartphone maker announces that it will add a "bitcoin wallets" application to its devices.
If the cryptocurrency divides, it seems that Huawei has chosen his side, reports Les Echos. The Chinese brand already allowed users of its smartphones to manage their bank accounts. They will now be able to buy and sell cryptocurrencies, including bitcoin and cash bitcoin.
This announcement is the result of the signing of a partnership between Huawei and Bitmain Technologies, the Chinese company that manages the mining of bitcoins, that is to say the secure process that allows the exchange of this virtual currency. The opportunity for Huawei to add a string to his bow within its AppGallery, the equivalent of the PlayStore on Android or the Apple Store on Apple products.
The vice president of BTC.com said that "the explosion of mobile payment combined with the shortcomings of the Chinese banking system is that there is a favorable ground for cryptographic payments." China is however suspicious of cryptocurrencies since their appearance. In particular, it ordered the closure of domestic trading platforms and the prohibition of fundraising in cryptocurrencies.
Promote national champions
It also does not want to block innovation in the blockchain technology sector (the system allowing the traceability of transactions in cryptocurrency), since it has posted development ambitions in this area during the presentation of the thirteenth five-year plan (2016 -2020). The Chinese territory is fertile land for cryptocurrencies, since it housed in 2017 nearly 58% of the world's mining power. For comparison, the United States would have 16% of this capacity to carry out bitcoin transactions.
But perhaps it is also necessary to read this news in the light of the Chinese government's strategy, tainted with protectionism when it comes to promoting national champions. China wants to mark its dominance in the field. Specifically, Beijing blocks access to several "Appstore" in China by limiting the access of users of Samsung and Apple applications BTC.com. In fact, this makes it impossible to use a foreign portfolio of cryptocurrencies. Huawei should enjoy special treatment with its AppGallery. Like the rest, the bitcoin wallet will therefore be Chinese or will not be.
