China’s first insurance policy using the digital yuan for settlement has been issued in Shenzhen, local media reported. The new product, targeting medical personnel exposed to coronavirus risks, is offered by the country’s largest insurer, Ping An. The financial giant also has fintech and healthtech entities under its umbrella.

Ping An Teams Up With Bank of China to Offer Digital Yuan Insurance Policy

In what has been described as another major step towards wider deployment of China’s central bank digital currency (CBDC), the first digital yuan-settled insurance policies have been launched in Shenzhen, Guangdong Province. They come as the result of cooperation between the local subsidiary of Ping An Property Insurance and the Bank of China’s branch in the city, the Shenzhen Special Zone Daily reported.

China Offers Medics Digital Yuan Insurance Policy for Covid-19

The new insurance product is oriented towards medical staff in Shenzhen’s Nanshan district. The policy provides 300,000 yuan (over…

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