China Construction Bank Pulls Planned Listing of Bitcoin-Tradable Bond

The "Big Four" Chinese bank has suspended the listing of a $3 billion bond issuance that was intended to be tradable for bitcoin and U.S. dollars.

AccessTimeIconNov 23, 2020 at 9:39 a.m. UTC
Updated Sep 14, 2021 at 10:34 a.m. UTC

A top Chinese bank has suspended the upcoming listing of a $3 billion bond issuance that was intended to be tradable for bitcoin and U.S. dollars.

  • As reported earlier in November, the Labuan, Malaysia, branch of China Construction Bank (CCB) was sponsoring the issuance of the Longbond debt securities, set to be traded via the Fusang digital asset exchange.
  • In an update emailed to CoinDesk Monday, CCB Labuan said the "proposed issuance will not proceed and the overall bond-issuance [program] is being re-evaluated."
  • When asked by CoinDesk, Fusang Exchange was not able to provide any information as to why the CCB had backed out of the issuance.
  • CoinDesk reached out to CCB for comment, but didn't immediately receive a response.
  • CCB is one of the “Big Four” Chinese banks and is the world's second biggest by assets, according to online sources.

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