All of us would have purchased one thing or the other using a specific credit card or wallet just to get better deals or discounts. The same is happening in the Insurance sector in China to push the adoption of their digital currency. If one buys an insurance cover using Digital Yuan, discounts are being offered.
Chinese insurance giant Pingan has issued insurance policies using the virtual currency in Shenzhen. The insurer’s local subsidiary has developed a COVID-19 insurance plan for medical staff. The plan is currently available for the medical staff in Shenzhen’s Nanshan District.
According to Shenzhen Special Zone Daily, Users who pay their premiums through Digital Yuan can receive discounts.
About the details of the policy, it covers 300,000 yuan ($46,342) for death by COVID-19. There’s also a 50,000 yuan ($7,723) cover for COVID-19 diagnosis and 50,000 yuan for accidental death.
This could be the first time a Digital Yuan insurance trial has been open to the public. However, there have been trials of people buying insurance cover through Digital Yuan. Last year, local media reported that trial participants could buy insurance on Zhongan’s app through virtual currency.
Digital Yuan’s share is steadily growing in processing transactions. People’s Bank of China said that 34.5 billion yuan ($5 billion) had been processed in 70.75 million digital yuan transactions last week.
While the Chinese Government is shutting down all crypto operations, it is also aggressively pushing its ‘Digital Yuan’ to the residents. Many merchants support ‘Digital Yuan’ now, and some ATMs even allow withdrawals. It looks like the Chinese government will keep pushing its Virtual currency throughout the country.