China Construction Bank Drops a $3 Billion Blockchain Tech Bond

The China Construction Bank Corp. (CCB) has withdrawn from its plan of issuing a $3 billion blockchain technology bond. The bond was to be listed on Malaysian cryptocurrency-focused exchange.

Malaysian exchanged announced the withdrawal saying they undertook the measure after receiving a withdrawal request from China Construction Bank.

According to earlier plans the bond was to be issued by Longbond Ltd which is a special entity established mainly to issue digital bonds and deposit the proceeds through CCB’s branch in Labuan.

The branch in Labuan is a Malaysian offshore financial center the branch would sponsor the bond which was to be traded on the FUSANG exchange which offers trading services focusing of digital assets such as cryptocurrencies.

FUSANG acknowledged having received a letter from CCB Labuan on November 20 to postpone listing of the bond.

CEO of FUSANG Henry Chong said CCB didn’t provide a reason for suspending issuance of the bond or even the date it intends to commence the issuance.

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