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The listing of China Construction Bank’s blockchain-based debt issuance bonds has been postponed “at the request of the issuer” until further notice, according to a November 13 statement from the Fusang exchange where they were supposed to be traded.
A block explorer-based scan of the address of the smart contract associated with the sale shows no transactions, suggesting that the sale and issuance of the bonds was also delayed.
As Cointelegraph reported last week, CCB is the second largest bank in the world in terms of assets held.
It planned to raise up to $ 3 billion in total through the bond issue, with an initial tranche of $ 58 million scheduled to launch for live trading on November 13.
The bonds were to be issued as digital assets on the Ethereum blockchain through an offshore branch of CCB on the small island of Labuan, Malaysia, which has a reputation as a tax haven.
The digital tokens were to be sold at a face value of $ 100 each, allowing both institutions and private investors to take part in the sale.
The Fusang exchange, where the bonds were to be traded, is also regulated in Labuan and supports cryptocurrency trading, meaning that investors could have exchanged Bitcoin (BTC) for dollars to take part in the sale.
It is not known at this stage when or if the sale will be rescheduled.
