Large Chinese Bank Adds Option to Sell Digital Bonds for Bitcoin
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Answer Large Chinese Bank Adds Option to Sell Digital Bonds for Bitcoin
China Construction Bank, one of the largest Chinese banks, yesterday launched what it calls “the first publicly listed bonds built on the blockchain.”
mentioned The Wall Street Journal reported that these digital bonds can be purchased for both bitcoin and the dollar.
According to the report, the bonds will earn an annual interest rate of about 0.75% and will be rolled over quarterly, a process by which existing securities are closed and new loans placed.
The process is facilitated by the offshore branch of China Construction Bank located in the Malaysian financial center “Labuan” and the new offering will be listed on the “Fusang” exchange which will allow the trading of cryptocurrencies in addition to fiat currencies.
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Mr. Felix Veng Kee, Chief Officer of the Malaysian Branch of the Bank said:
The new offering is the first publicly listed IOU on the blockchain.
As Henry Chung, CEO of Fusang, explained:
Bonds are similar to bank deposits but offer greater returns than most other deposits.
From our point of view, we receive bank deposits, which is our primary business.
Stephen Wong, chief financial operations and strategy analyst at the Malaysian branch of China Construction Bank, also confirmed that the bank does not deal in bitcoin or cryptocurrencies.
The bank excludes both residents of the United States and China and residents of Iran and North Korea, other than these countries digital bonds will be available to investors from all over the world.
The bank plans to attract up to $3 billion from sales of its new offerings.
The digital bond was launched yesterday and will begin trading on Friday, November 13, according to Fusang.
As we reported on Bitcoin Arab last month, the Bank of Thailand has sold $1.6 billion worth of blockchain-based government savings bonds in just one week since its launch.
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