A digital currency account insurance product was just introduced, according to a recent announcement from the Bank of Communications and the Suzhou division of the Chinese insurance company China Pacific Insurance.
The debut occurs at a time when more than 30 million individual digital currency wallets have been created in the Chinese city of Suzhou alone.
A report claims that the first central bank digital currency insurance product in Asia was recently introduced by the Suzhou branches of China Pacific Insurance and Bank of Communications.
The new insurance product, per the report, ensures the “protection of the personal digital currency wallet” in addition to expanding the use cases for the digital yuan.
According to the report, the increase in wallets has made it more crucial for e-CNY users to have access to a suitable insurance plan.
Beginning in 2020, the Suzhou branch of China Pacific Insurance has been increasing the use of the digital yuan through closer collaboration with stakeholders like the government, banks, and B-end and C-end clients.