Insurance industry launches into orbit of digital currency

ZhongAn Online P&C Insurance and China Construction Bank recently issued the country’s first insurance policy paid in digital yuan.

Last month, the two sides collaborated on the application of digital yuan in online insurance scenarios.

People in pilot cities for the new cryptocurrency can use e-yuan to purchase ZhongAn’s star Personal Clinic Policy on its app.

ZhongAn officials said the company will continue to provide digital yuan payment services for its main products, and conduct more research in tandem with China Construction Bank in the application of e-yuan in the insurance field.

Earlier this year, the Chinese government began testing its own digital currency at the grassroots level ahead of an official rollout. To promote using the new currency, cities such as Shenzhen collaborated with the People's Bank of China to issue red envelopes to local residents.