China's China Construction Bank (CCB) in collaboration with Hong Kong-based cryptocurrency exchange Fusang will issue $ 3 billion in debt securities on the blockchain. Reported by the South China Morning Post.
From November 13, the certificates will be available for exchange for bitcoin through the Fusang exchange, licensed in Labuan, Malaysia.
The local branch of China Construction Bank will issue bonds for a period of three months. Their cost starts at $ 100.
The bonds will be sold in the form of certificates of deposit. The amount they certify is usually measured in tens of thousands of yuan. However, tokenization will allow retail investors to buy small stakes from this instrument.
According to CCB representatives, the decision to issue bonds on the blockchain aims to "bring fintech closer to broader financial markets."
If successful, Fusang expects to establish cooperation with state banks to issue securities in other currencies, including the yuan.
According to SPGlobal, China Construction Bank is the second largest bank in the world. As of April 2020, he managed assets worth $ 3.6 trillion.
In September, the Singapore Stock Exchange issued $ 400 million in blockchain bonds with a maturity of five and a half years.
Posted Using LeoFinance Beta
Warning! This user is on our black list, likely as a known plagiarist, spammer or ID thief. Please be cautious with this post!
our discord. If you believe this is an error, please chat with us in the #appeals channel in