China Bank Halts $3B Blockchain Bond

China Bank Halts $3B Blockchain Bond

By Abhimanyu Krishnan | News | 24 Nov 2020


On Nov. 23, China’s second largest bank, the China Construction Bank (CCB), withdrew its listing of $3 billion in debt securities on the blockchain, according to an announcement from partner exchange Fusang.

  • The Fusang exchange said that the CCB had decided to withdraw the listing, but noted that “there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process and filing”
  • The CCB has not specified a reason as to why the decision was taken, other than it had “decided not to proceed”
  • Fusang will continue to discuss future projects with the CCB, and that it expects the general demand for digital financial services in the region to grow
  • CCB announced on Nov. 11 that it would issue the $3 billion debt security on the blockchain, putting up $58 million as the first tranche
  • Regardless of the change in plans, China remains one of the world’s leaders in implementing blockchain technology, with over $300 million in digital yuan transactions already occurring

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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