CCB-backed Blockchain-powered Bond Issuance Saga Takes a New Turn

Source: Adobe / Eagle

There seems to be a different twist in the history of the company China Construction Bank The Malaysian branch of (CCB) and the abandoned launch of blockchain bonds that were supposed to be traded for Bitcoin (BTC) through a Hong Kong-based exchange.

Just weeks after CCB pulled the plug on the issue in the eleventh hour – apparently in an effort to distance itself from crypto, which is virtually illegal in China – the bank’s Malaysian operations appear to be on the move prepare similar start.

Per Chinese media company Caixin, CCB Malaysia is currently working on an issue of digital bonds with the Bursa Malaysia Exchange and Singapore-based fintech company Hashstacs (STACS). The latter claims to be an expert in “digitizing assets, processes and documents using next-generation blockchain-based technology”.

At the beginning of this month, STACS signed a contract with Switzerland EFG Bank As a result, the parties will jointly develop a blockchain platform that promises to improve the processes for structured products.

Bursa Malaysia has now specialized in environmentally friendly, environmentally, socially and corporate governance-compliant bonds as well as fixed-income financial offers that comply with Islamic law.

Although the bond issue is still ongoing, the exchange has reportedly completed a proof of concept in Labuan, Malaysia ahead of a possible launch.

The Labuan offshore region has very different tax regulations than the rest of Malaysia, and CCB Labuan was on the verge of a groundbreaking bond launch in partnership with a named firm Longbond and Hong Kong Fusang Exchange – before a firm rejection of any connection with Bitcoin or crypto transactions was issued last month and the start failed once and for all on November 23rd.

Cryptonews.com asked CCB to comment on this story.
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