Suzhou branch of China Pacific Insurance , along with 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.
Digital Wallet Insurance Product “Guarantees” Security
According to reports, a Bank of Communications branch in the same city as China Pacific Insurance’s Suzhou branch was recently launched. It is said to be the first central bank digital currency insurance product in Asia. It added that the launch “lays the foundation for the continuous and thorough promotion of the digital yuan.”
In addition to helping broaden the use cases for digital yuan, the new insurance product will ensure “personal digital currency wallet security,” according to the report.
Suzhou, a major city in China’s Jiangsu province, is one of the cities selected to participate in the digital yuan pilot, as described in report. One. To date, over 30 million digital currency or e-CNY wallets have been created. It is this increase in the number of wallets that has heightened the importance of ensuring that e-CNY users have access to suitable insurance products, the report said.
The report explains how the insurance product works, and if personal funds are stolen during the warranty period, or if the wallet password is compromised, affected wallet users can claim said that it is possible to do Since the launch of the insurance product, more than 500 people have reportedly signed up, including students from Suzhou University Business School and employees of Zhangjiagang government agencies.
From 2020, China Pacific Insurance Suzhou branch will expand the use of the digital renminbi by enhancing cooperation with stakeholders such as governments, banks, and B-end and C-end customers. doing. According to the report, these stakeholders are tasked with collecting premiums, paying compensation, and issuing employee salaries and benefits.
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