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China Blockchain Bond Blowup | Global Finance Magazine

December 10, 2020 What was billed as the first publicly listed debt security on a blockchain and tokenized on the Ethereum network abruptly ended in confusion after China Construction Bank (CCB) denied it was the issuer of a $3 billion blockchain bond. The planned listing was withdrawn following a decision by Fusang, a Malaysian digital securities exchange, to postpone the issue. Investors remain unclear as to the precise role of CCB in the blockchain bond after reports emerged in November claiming Fusang partnered with the Labuan, Malaysia branch of CCB on the deal. Labuan is an offshore tax haven. But in a disclosure, CCB, the world’s second largest bank by market capitalization, denied direct involvement or any links to cryptocurrencies, including Bitcoin. In a statement published on the bank’s Malaysian website, CCB said its role in the transaction was limited to that of “Lead Arranger, Listing Advisor of the bond, and the Facility Agent to facilitate clearing and settle

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