Insurance policy launched in Suzhou to protect digital yuan
A new insurance policy, the first of its kind, protecting China's digital yuan held in online wallets against theft or other malicious hacks, has been launched in eastern China's Suzhou in Jiangsu Province, Thepaper.cn reported on Wednesday.
Customers only need to pay 1 to 5 yuan (14-72 US cents) to insure their digital yuan wallet. People can get a claim of 1,000-5,000 yuan in case of loss of funds due to hacking or password theft.
So far over 500 people have purchased this liability insurance product, which was jointly launched by the China Pacific Insurance Company Suzhou Branch and the Bank of Communications Suzhou Branch. The sum insured has reached 557,000 yuan.
Suzhou is one of the first pilot cities for China's digital yuan. As of September, the number of people using digital wallets in Suzhou exceeded 30 million, prompting a demand for property protection in digital currency.
