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Insurer to cover virtual currencies www3.nhk.or.jp
Mitsui Sumitomo Insurance will become Japan's first insurer to offer damage coverage for virtual currencies such as bitcoin.
Officials at the insurer say that the new policy, which goes on sale this month, is for companies operating virtual currency exchanges.
The policy will cover damages up to 1 billion yen or about 9 million dollars in cases such as cyber-theft of virtual currencies from exchanges or users.
It will also offer compensation when exchange workers embezzle currencies from users.
Other leading Japanese non-life insurers, such as Tokio Marine & Nichido Fire Insurance and Sompo Japan Nipponkoa, are also considering similar products.
Published Date:2016-11-24
