US$ 3 billion block chained bonds: sale postponed until further notice

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It is not yet known how long China Construction Bank will postpone its bond sale.

The listing of China Construction Bank’s block chain bonds has been postponed „at the request of the issuer“ until further notice, according to a statement by the Fusang Stock Exchange on 13 November.

A block explorer scan of the smart contract address for the sale shows no transactions. This indicates that the sale and issuance of the bonds has also been postponed.

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

The plan was to raise up to $3 billion in total through the bond issue. A first tranche of US$ 58 million was to be released for trading on 13 November.

The bonds were to be issued as digital assets on the Ethereum block chain via an offshore branch of CCB on the small island of Labuan in Malaysia, known as a tax haven.

The digital tokens were to be sold at a nominal value of $100 each, so that institutions and private investors alike could participate in the sale.

The Fusang Stock Exchange, on which the bonds were to be traded, is also regulated in Labuan and offers cryptographic currency trading. Investors could therefore have exchanged Bitcoin (BTC) for dollars to participate in the sale.

It is not yet known when the sale will be postponed.