The Suzhou Branch of the Chinese Insurance company China Pacific Insurance and the Bank This is Communications have recently announced the release of a digital currency account security product. This is at a time when the number of personal digital wallets has skyrocketed, with an estimated 30 million people now using them.
Insurance Product Ensures Security for Digital Wallets
According to the report, the Suzhou Branch of the China Pacific Insurance and the Bank This is Communications in the same area recently launched the first insurance product based on digital currency. The launch of the product was highlighted by the country’s central bank. He said it “lays the foundation for the continuous and deep promotion of digital renminbi.”
The report states that the new insurance product not only expands the use of the digital Yuan but also ensures the security of users’ personal digital currency wallets.
As mentioned in the report, the capital of China’s Jiangsu Province, Suzhou, is one of the cities that will participate in the pilot digital renminbi. To date, more than 30 million eCNY wallets have been generated, which has led to an increase in wallet usage and the need for an appropriate insurance product for e-CNY users.
Explaining how the insurance product works: The report states that if personal funds are stolen or a wallet password is compromised during the warranty period, users of affected wallets can file a claim. More than 500 people participated in the launch of the insurance policy, including students, employers from Soochow University School of Business, and government agencies in Zhangjiagang.
Since the beginning of 2020, the Suzhou Branch of China Pacific Insurance has expanded the use of digital yuan through increased cooperation with stakeholders such as the government, banks, and B-end or C-end customers. The report stated that these stakeholders are responsible for collecting insurance premiums and paying severance pays, issuing employee wages and benefits.
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