Huawei Technologies Co., the world’s third-largest smartphone brand, will begin offering their users the ability to download Bitcoin wallets on their devices this Friday.
This unprecedented move is in collaboration with BTC.com, which also controls the world’s largest Bitcoin mining pool. According to Alejandro de la Torre, BTC.com’s vice president of business operations, Huawei will be incorporating BTC.com’s Bitcoin wallet in its App Gallery.
According to Bloomberg, Huawei is targeting the massive Chinese market, where the Shenzhen-based company is the biggest cell-phone manufacturer. The nation – with all of its 1.379 billion people – has always showed massive interest in cryptocurrencies, despite the government crackdown in September 2017. It has been reported that China has one of the world’s largest Bitcoin mines, and while BTC.com used to have its Bitcoin mines situated in China, the power restrictions enforced by the government forced it to move its operations offshore.
Therefore, with the Chinese government Android’s Google Play Store and some sections of Apple’s iTunes, Huawei’s App Gallery will face minimal competition as it rolls out the BTC.com Bitcoin wallet. For the record, although the Chinese government might have shut down all cryptocurrency trading platforms and initial coin offerings (ICOs), it is still legal for Chinese nationals to own digital currencies.
In a telephone interview, de la Torre also agrees that the introduction of BTC.com’s wallet will gain massive traction in China.
“It’s a good opportunity to tap into the Chinese market. The use of cashless payments with apps is very big and the traditional banking system is lacking, so there’s a good use case for crypto payments to grow there.”
Concerns of Government Crackdown
Although the notion of a Bitcoin wallet app sounds promising, it is still unsure how the Chinese government will react to this news. After all, the Xi-Li Administration has had a notorious history when it comes to cryptocurrency-related operations.
In the beginning of 2018, the Chinese government announced that it will be targeting websites and mobile apps that offer cryptocurrency trading services, triggering a major sell-off that led to the great meltdown of the crypto market this year. Back in September 2017, China issued a nation-wide clampdown on cryptocurrency exchanges, forcing the majority of traders to transfer their funds over to offshore platforms in order to keep trading.
As of right now, the Chinese government has yet to respond to Huawei’s announcement.
In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you
Nexo - Your Crypto Banking Account
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Trading Bitcoin is too complicated?
We highly recommend our Crypto-Starter-Kit to you!
Or are you looking for the current Bitcoin Price in USD? Look no further!
Bitcoin Price, Ethereum Price, Ripple Price
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Blockchain For Dummies
The Seven Deadly Sins Of Cryptocurrency Investing
The next bull season is almost upon us. Its just only 3 months remaining until the next Bitcoin halving and …
How to Use Dash Cryptocurrency?
The Dash (DASH) cryptocurrency is a highly developed and widely adopted crypto-asset. Its prominent features are instantly settled transactions, near …
How to Buy Cardano (ADA)?
Cardano (ADA) is a relatively new entrant in the cryptocurrency arena being first launched in October 2017, however it has …