CCB Labuan Branch statement: not a blockchain bond issuer and does not accept bitcoin transactions

A clarification on the first issue of bonds using blockchain technology mentioned by the media was released on 13 November by the Labuan branch of China Construction Bank (601939.SH, 00939.HK), noting that the Labuan branch of China Construction Bank was not the first to use blockchain technology. The Specialized Bonds Issuer.

Friday, November 13, 2020, 4:22 GMT

In the sentence, CCB Labuan Branch stated: 1. Our bank is not the issuer of bonds; 2. Our bank is the bond’s lead arranger and issuance advisor, and also serves as the USD funds clearing and settlement agent bank; 3. Our bank does not allow bank transfers with cryptocurrencies like Bitcoin.

Earlier, the Asian Digital Asset Exchange’s official FUSANG website reported that the CCB Labuan Division (‘CCB Labuan’) will handle a US$3 billion digital bond exchanged on the blockchain which will be eligible for FUSANG U.S. dollar and bitcoin transactions.

FUSANG, an Asian digital asset exchange that offers cryptocurrency trading services, said it would start trading on November 13, embrace bitcoin as a form of payment, and help investors who want to buy the bond turn bitcoins into US dollars to buy the bond. Bonds and buyers can only buy and charge a limited fee through FUSANG.

It is announced that CCB’s Labuan branch received a banking license in June 2019 and formally opened as a first-tier CCB branch three months later. In Malaysia, Labuan is located. It was set up in 1990 as an offshore financial hub and is a renowned tax haven. The exchange is the first fully operating stock exchange in Asia, according to FUSANG’s official website, enabling businesses to make public offers through digital IPOs and to facilitate the trade of digital shares and cryptocurrencies.