Home » CCB Corrects Blockchain Bond Reports…and Says a Big Fat ‘No’ to BTC
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CCB Corrects Blockchain Bond Reports…and Says a Big Fat ‘No’ to BTC

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Days after media shops from everywhere in the world reported that the Labuan department of the China Development Financial institution (CCB) had issued the nation’s first-ever blockchain-powered RMB bonds, the financial institution in query has moved to disclaim the veracity of the studies, including that it has no hyperlinks with “cryptocurrencies together with bitcoin.”

Though the financial institution doesn’t deny the existence of the bonds, or its reference to their issuance, it was eager to level out that it’s merely the “lead arranger” and “lead advisor” on the challenge, with the precise issuance going down through an organization named Longbond, and tradeable on the Fusang Change.

The financial institution’s Labuan department made the announcement on its CCB Malaysia web site, stating,

“The department is NOT the issuer of the bond. […] The department does NOT settle for cryptocurrencies together with bitcoin for settlement in any of its banking transactions.”

Labuan is a tax haven island in Malaysia.

The issuance – as a result of happen as of at the moment – has made headlines internationally. And bond-buyers will certainly be capable of buy bonds of USD 100 and upwards, utilizing USD or BTC – solely not through the financial institution itself, however slightly the alternate it has partnered with. A complete program goal measurement of USD 3bn.

However information shops internationally – together with many in China – had, the financial institution appeared to deduce, mistakenly reported that the CCB itself was the issuer.

These included the likes of the Monetary Instances, which ran with the headline: “China Development Financial institution to problem offshore bond primarily based on blockchain.”

Per a November 11 launch from Fusang, Longbond is a public restricted firm and “a securitization Particular Goal Automobile arrange with the only goal of issuing digital bonds and depositing the proceeds with CCB Labuan.” The alternate added that CCB Labuan would act because the “itemizing sponsor for the deal.”

The announcement didn’t specify by whom Longbond was arrange. Cryptonews.com has contacted CCB for remark.

The impassioned nature of the CCB denial seems to point that whereas fervor for all issues cryptocurrency-related stays sky-high in China, banks and different main companies are nonetheless afraid of invoking the wrath of Beijing – which enacted an nearly complete crypto crackdown in September 2017 and is now engaged on its digital yuan.
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Be taught extra:
World Financial institution Blockchain Bond “Exceeds Expectations”
Chinese language Central Financial institution Points USD 2.8m Value of Blockchain Bonds
French Large SocGen Selected Ethereum for its Digital Token Experiment

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