Tech

Shenzhen issues China’s first digital yuan insurance

Staff will present the original digital application scenario to visitors to the World Information Conference in Tianjin in May. Photo: cnsphoto

Analysts said the first US digital yuan insurance policy was issued in Shenzhen, Guangdong Province, southern China, as another major step forward in the broader deployment of China’s digital currencies.

The Shenzhen subsidiary of Pingang Real Estate Insurance, which works with the Bank of China branch in Shenzhen, has issued the first batch of digital yuan insurance contracts, Shenzhen Special Zone Daily reported on Tuesday.

Wang Peng, an assistant professor at the Gaoling School of Artificial Intelligence at Renmin University of China, told Global Times on Tuesday.

Also, according to Wang, previous trials focused primarily on e-commerce and online payments, so they also aim to develop user habits in a wide range of application scenarios.

“As more users become accustomed to digital payments and the market matures, application scenarios can extend from the insurance industry to more scenarios such as financial services, life services, and even the purchase and trade-in of funds. It will be. Securities. ”

According to the Shenzhen Special Zone Daily, the emergence of such insurance policies represents the insurance sector’s piloting of digital sources for online premium payments, incorporating digital sources into people’s daily lives.

The new insurance policy is targeted at healthcare professionals in Nanshan District, Shenzhen, and will provide 300,000 yuan ($ 46,221) coverage for COVID-19 deaths. According to media reports, 50,000 yuan will be paid if a healthcare worker is diagnosed with COVID-19 and 50,000 yuan if he or she is killed in an accident.

The report states that applicants are eligible for exclusive incentives when making payments using a digital original wallet.

Shenzhen Special Zone Daily officials as Heian Property Insurance further investigates the application of digital yuan in claims, payments and other aspects and continues to expand the use of digital yuan in the insurance industry to more scenarios. Reported by citing a person at a Shenzhen subsidiary of Heian.

When China began public testing of the digital yuan in Shenzhen in mid-October 2020, the local government and the central bank of China jointly distributed 50,000 digital red packets, each containing 200 yuan. It was the first time that digital currencies were tested in public.

Since then, China has continued to promote the application of digital yuan, with media reports on Tuesday showing a significant increase in bidding projects in this area targeting several cities in China.

China Mobile unveiled a patent on Friday for a technology designed to improve the security of users’ digital currency assets.

Shenzhen issues China’s first digital yuan insurance

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