China Launches First Car Insurance Policies Using Digital Renminbi

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China has just seen the official launch of the first car insurance policies that make use of the digital renminbi.

State-owned media said the launch of the vehicle insurance policies marks the steady acceleration of digital renminbi usage to an increasing range of financial scenarios, including residual housing public funds, home rental subsidies and tax operations.

“At present there are signs of an acceleration in the application of the digital renminbi to financial scenarios, which will unleash even greater potential, and raise the inclusiveness of the digital renminbi to an even greater scope,” said an opinion piece in Caishelian.

“Those companies that possess relevant technology and product development capability will welcome major opportunities, and those enterprises who are able to accurately position themselves in industrial chains that are gradually becoming more clear can look forward to occupying a position of advantage in digital renminbi sectors.