China’s Digital Yuan Is Expanding Their Hand in Insurance Industry

Digital Yuan now can be used to get insurance policies in China. While Digital Yuan was already introduced to many industries of China.

The first Central Bank Digital currency of the world & China, Digital Yuan entered in the e-commerce to retail payment industry of china after launch. Now people can use Digital Yuan directly to get medical insurance policies.

Related: Digital Yuan’s e-Whitepaper Released By People Bank Of China

According to reports, China’s Digital Currency will allow its citizens to get insurance policies. This initiative project of insurance policy of China  tailored to medical workers in Shenzhen’s Nanshan district, people needed to pay the payment of policy through the Digital wallet of Yuan. They will get compensation against Covid-19 diagnosis/death. 

For this, People Bank of China hired Ping An, local subsidiary of China’s leading insurer. 

Assistant professor at the Gaoling School of Artificial Intelligence at the Renmin University of China shared his point of view on the adoption of Digital Yuan. He said that using of digital Yuan should not remain restricted to e-commerce industry to retail payment. It should cover all the category of China’s industry, it will be a better way for China to adopt CBDC at a perfect level. 

“As more users get used to making payments with the digital yuan and the market matures, the application scenarios will be able to expand from the insurance industry to more scenarios such as financial services, life services, and even the purchase of funds and trading in securities.” 

Chinese Authorities are working perfectly to adopt & use Digital Yuan perfectly. But China’s initiative to spread the adoption of Digital Yuan at Global level seems not impactful because in the initial phase they are facing allegations of tracking digital Yuan wallet users’ activities. See this report here.

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