China Construction Bank Cancels $3 Billion Digital Bond Listing
- Fusang exchange confirmed that the listing has been suspended at the issuer’s request.
Digital asset exchange, Fusang announced that China Construction Bank (CCB) has requested to cancel the $3 billion digital bond listing that was supposed to support trades in USD and Bitcoin. The exchange received a letter from CCB Labuan to cancel the issuance on 20 November.
The world’s second-largest bank collaborated with Fusang earlier this month to announce the launch of $3 billion worth of debt securities to be issued using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology. A special purpose vehicle, Longbond Ltd was created by CCB’s Labuan branch to issue digital bonds.
According to the recent reports, Fusang received a letter from CCB Labuan on behalf of Longbond on the original date of issuance (13 November) to postpone the listing for a certain time period, but on 20 November CCB Labuan confirmed the cancellation.
Commenting on the matter, Henry Chong, CEO of Fusang, said: “The bank did not give a reason for the suspension, we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process or filing.”
Stance of CCB
Regarding the latest development, CCB declined to provide any comment on the matter. In recent weeks, following the media reports about the digital bond issuance and a possible soft stance by the world’s second-largest bank towards bitcoin and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, CCB said that the bank did not accept bitcoin and CCB Labuan was not the issuer. Fusang mentioned that the bank approached the exchange to work on the idea of digital bonds and helped in many legal and regulatory requirements, but the recent cancellation proved to be a setback for the investors. Despite the recent suspension, Fusang aims to collaborate with CCB in the future for possible options related to bond issuance in currencies other than the USD.
Finance Magnates earlier reported about the digital bond offering and the excitement of CCB Labuan for the listing.
Digital asset exchange, Fusang announced that China Construction Bank (CCB) has requested to cancel the $3 billion digital bond listing that was supposed to support trades in USD and Bitcoin. The exchange received a letter from CCB Labuan to cancel the issuance on 20 November.
The world’s second-largest bank collaborated with Fusang earlier this month to announce the launch of $3 billion worth of debt securities to be issued using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology. A special purpose vehicle, Longbond Ltd was created by CCB’s Labuan branch to issue digital bonds.
According to the recent reports, Fusang received a letter from CCB Labuan on behalf of Longbond on the original date of issuance (13 November) to postpone the listing for a certain time period, but on 20 November CCB Labuan confirmed the cancellation.
Commenting on the matter, Henry Chong, CEO of Fusang, said: “The bank did not give a reason for the suspension, we are disappointed that this Listing has been suspended, there were no legal, regulatory, operational, or technical issues with the FUSANG platform or the IPO process or filing.”
Stance of CCB
Regarding the latest development, CCB declined to provide any comment on the matter. In recent weeks, following the media reports about the digital bond issuance and a possible soft stance by the world’s second-largest bank towards bitcoin and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, CCB said that the bank did not accept bitcoin and CCB Labuan was not the issuer. Fusang mentioned that the bank approached the exchange to work on the idea of digital bonds and helped in many legal and regulatory requirements, but the recent cancellation proved to be a setback for the investors. Despite the recent suspension, Fusang aims to collaborate with CCB in the future for possible options related to bond issuance in currencies other than the USD.
Finance Magnates earlier reported about the digital bond offering and the excitement of CCB Labuan for the listing.