Big Chinese bank announced the sale of government bonds on blockchain for BTC.
China Construction Bank has partnered with fintech Fusing to sell bonds worth $ 3 billion on blockchain. Packages can be purchased using fiat or bitcoin. The South China Morning Post (SCMP) reports that this is the first digital security that a Chinese bank has released on a blockchain. The cost of bond issues is being lowered thanks to technology as fewer financial intermediaries are involved in the process. The publication specifies that the bonds will be sold in the form of certificates of deposit, which will mainly attract professional investors or other financial institutions. The tokenization means that they will also be available to retail investors, although they are certificates, they will not be covered by Chinese deposit insurance as part of the foreign issue of the US dollar. SCMP adds that the bonds will be issued with a three-month maturity period, and the price is a minimum of $ 100 each. The certificates will give you around 0.75% on the expiry date. They will be traded on the Fusang Exchange, a digital asset trading platform licensed by Malaysia's financial regulator. Therefore, they will be available for purchase in both fiat and BTC currencies. Under the first part of the $ 3 billion program, China Construction Bank will make digital certificates worth $ 58 million available for public subscription. Trading in bonds will be subject to the guidelines of the exchange. If the sale is popular with investors, the stock exchange plans to continue cooperation with the state-owned bank in the issue of bonds in other currencies, including yuan.
China Construction Bank has partnered with fintech Fusing to sell bonds worth $ 3 billion on blockchain. Packages can be purchased using fiat or bitcoin. The South China Morning Post (SCMP) reports that this is the first digital security that a Chinese bank has released on a blockchain. The cost of bond issues is being lowered thanks to technology as fewer financial intermediaries are involved in the process. The publication specifies that the bonds will be sold in the form of certificates of deposit, which will mainly attract professional investors or other financial institutions. The tokenization means that they will also be available to retail investors, although they are certificates, they will not be covered by Chinese deposit insurance as part of the foreign issue of the US dollar. SCMP adds that the bonds will be issued with a three-month maturity period, and the price is a minimum of $ 100 each. The certificates will give you around 0.75% on the expiry date. They will be traded on the Fusang Exchange, a digital asset trading platform licensed by Malaysia's financial regulator. Therefore, they will be available for purchase in both fiat and BTC currencies. Under the first part of the $ 3 billion program, China Construction Bank will make digital certificates worth $ 58 million available for public subscription. Trading in bonds will be subject to the guidelines of the exchange. If the sale is popular with investors, the stock exchange plans to continue cooperation with the state-owned bank in the issue of bonds in other currencies, including yuan.
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