. World News – UK – China Construction Bank breaks $ 3 billion sale of digital bonds. USD in Labuan from – report

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KUALA LUMPUR (24. November): China’s China Construction Bank Corp (CCBC) has decided to discontinue selling short-term debt in Labuan of up to 3 billion. USD after thorough examination in China.

The blockchain-based bond, the first of its kind, should be listed on the Fusang Exchange, a digital securities exchange.

The Wall Street Journal (WSJ) reported yesterday that the Fusang Exchange announced on Monday that a CCBC unit had announced that the listing plan had been withdrawn.

The WSJ said the proposed bond sale, reported earlier this month, has sparked some controversy in China due to its association with cryptocurrencies.

Three years ago, Chinese authorities banned Bitcoin exchanges and cryptocurrency fundraising in the country to curb speculation in the asset class and prevent cryptocurrencies from being used for illegal activities.

The WSJ added that before the suspension of digital bond sales, a representative from China Construction Bank said that the bank was not trading Bitcoin and would only receive funds in US dollars.

The report stated in a prospectus for bond sales that the Covid-19 pandemic has accelerated China Construction Bank’s foray into online financial services such as microcredit.

The bank, which has hundreds of millions of private and business customers, has also included finance and financial technology in its strategies.

The WSJ quoted Henry Chong, Chief Executive Officer (CEO) of Fusang, as saying prior to the suspension that the exchange had seen « overwhelming interest and demand from investors » for the bond and inquiries from potential bond issuers, including other banks in the region.

Investors who have committed funds for the new digital bond will get their money back, the exchange announced.

Bond, blockchain. com, China Construction Bank, Bitcoin, Cryptocurrency Exchange, Finance

World News – UK – China Construction Bank breaks $ 3 billion in digital bond sales. USD in Labuan from – report

Ref: https://www.theedgemarkets.com

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