Major Chinese Bank Selling Bonds Worth $3 Billion for Bitcoin

China Construction Bank, one of the “big four” banks in China, is selling $3 billion in bonds that can be paid for with bitcoin. The bonds will be listed on a regulated Malaysian digital asset exchange.

Beijing-based China Construction Bank (CCB) is selling $3 billion in bonds for bitcoin and U.S. dollars through its unit in Malaysia, the South China Morning Post reported Wednesday. This is the first digital security issued by a Chinese bank on a blockchain, the publication added, noting:

The deal also allows investors to trade these China Construction Bank’s digital certificates using bitcoin on Fusang Exchange, a digital exchange licensed by the financial regulator in Labuan, Malaysia.

“The security would roll over every three months and pay annualized interest of Libor plus 50 basis points, or approximately 0.75%,” the publication conveyed, adding that trading will begin Friday.

Update (Nov. 23, 2020, 3:28 a.m.) China Construction Bank has reportedly withdrawn the listing of the bond, which was drawing scrutiny.