• Do. Nov 26th, 2020

3 billion blockchain bond sale postponed ‚until further notice

Vonadmin

Nov 16, 2020

It is currently unclear whether and when the sale of China Construction Bank’s debt issue will be rescheduled

The listing of China Construction Bank’s blockchain-based debt issuance bonds has been delayed „at the request of the issuer“ until further notice, according to a November 13 announcement from the Fusang Stock Exchange where they were to be traded.

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A block scan of the smart contract address associated Bitcoin Circuit with the sale shows no transactions, suggesting that the sale and issue of the bonds has also been delayed.

As Cointelegraph reported last week, CCB is the second largest bank in the world in terms of assets.

It plans to raise up to $3 billion in total through the bond issue, with an initial tranche of $58 million to be launched for live trading on November 13.

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The bonds were issued as digital assets in the Ethereum block chain through a CCB overseas branch on the small island of Labuan, Malaysia, which has a reputation as a tax haven.

The digital tokens were to be sold at a face value of $100 each, allowing both institutions and private investors to participate in the sale.

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The Fusang exchange, where the bonds were to be traded, is also regulated in Labuan and supports the trading of crypto currencies, which means that investors could have traded Bitcoin (BTC) for dollars to participate in the sale.

At this stage it is not known when or if the sale will be rescheduled.