Construction Bank of China blockchain bonds worth $ 3 billion are said to be delayed.
The Fusang Exchange, the Malaysian cryptocurrency exchange that was supposed to place the bonds, said it was attracted at the issuer’s request.
On November 23, CCB’s Labuan Fusang announced on November 20 that bond issuance would not continue, Reuters reported.
The blockchain-based bond was to be issued by Longbond Ltd, a platform dedicated exclusively to issuing digital bonds and depositing dividends at CCB Labuan Bank.
On November 13, Bond Trading Day, Fusang Exchange officially announced that the $ 3 billion blockchain bond has been postponed “at the request of the issuer”. According to the latest report, Fusang Exchange has received a letter from CCB Labuan Bank on behalf of Longbond to postpone the listing.
As previously reported, CCB, one of the largest banks in the world, plans to raise up to $ 3 billion in bonds with an initial stake of $ 58 million at launch.
Initial reports indicated that since the bonds were coded and traded on the cryptocurrency exchange, interested buyers could trade bitcoin (BTC) and other cryptocurrencies for the bond. Later, the China Development Bank challenged this allegation.