The Suzhou branch of the Chinese insurance company China Pacific Insurance, together with the Bank of Communications, recently announced the launch of a digital currency account insurance product. The launch comes at a time when the number of personal digital currency wallets created in the Chinese city of Suzhou alone now exceeds 30 million.
Besides helping to widen the use cases of the digital yuan, according to the report, the new insurance product guarantees the “security of the personal digital currency wallet.”, Suzhou, a major city in China’s Jiangsu province, is one of the cities selected to participate in the digital renminbi pilot. To date, more than 30 million digital currency or e-CNY wallets have been created.
Explaining how the insurance product works, the report states that if personal funds are stolen or if the password of a wallet is compromised during the guarantee period, the affected wallet user will be able to lodge a claim. Since the insurance product’s launch, over 500 people, including students of Soochow University Business School and employees of Zhangjiagang government agencies, have reportedly signed up.
Starting in 2020, China Pacific Insurance’s Suzhou branch has been expanding the use of the digital yuan by way of increased cooperation with stakeholders such as the government, banks, and B-end and C-end customers. The report said these stakeholders are tasked with the job of collecting insurance premiums, paying indemnities, and issuing employee salaries and benefits.
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