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China Construction Bank will place bonds on the exchange, which private investors and organisations will be able to buy and sell for bitcoins, according to a statement from the Fusang Exchange. The securities will be issued by a branch of the bank in the special tax zone in Malaysia.
China Construction Bank plans to attract up to $3 billion in this way, the press release reads. The papers will be placed on the Fusang Exchange, which accepts cryptographic currency as part of its payment. In the case of bonds, the site will convert bitcoins into US dollars.
The exchange calls this the "first public offering of bonds on a block listing", which is directly available to investors. The price of securities for investors outside China starts at $100. The bonds can only be bought through an exchange that charges a small commission for the transaction, The Wall Street Journal noted. The newspaper specified that transactions with the bonds are available to investors around the world, except for tax residents of China and the United States, as well as individuals and entities from Iran and North Korea.
The bank offers a yield at the level of the London Interbank Offered Rate (Libor) plus 50 basis points: approximately 0.7%, which is significantly higher than the market rates for ordinary deposits, writes Fusang Exchange. The issue is arranged by a branch of China Construction Bank.
Bitcoin prices have been rising in recent weeks: at the time of publication, the price of the crypto currency exceeded $15,400, according to data from the CoinMarketCap crypto exchange. Bitcoin has been hitting new highs since January 2018, when the crypto currency was in decline after peaking at nearly $20,000.
source: wsj.com
China Construction Bank plans to attract up to $3 billion in this way, the press release reads. The papers will be placed on the Fusang Exchange, which accepts cryptographic currency as part of its payment. In the case of bonds, the site will convert bitcoins into US dollars.
The exchange calls this the "first public offering of bonds on a block listing", which is directly available to investors. The price of securities for investors outside China starts at $100. The bonds can only be bought through an exchange that charges a small commission for the transaction, The Wall Street Journal noted. The newspaper specified that transactions with the bonds are available to investors around the world, except for tax residents of China and the United States, as well as individuals and entities from Iran and North Korea.
The bank offers a yield at the level of the London Interbank Offered Rate (Libor) plus 50 basis points: approximately 0.7%, which is significantly higher than the market rates for ordinary deposits, writes Fusang Exchange. The issue is arranged by a branch of China Construction Bank.
Bitcoin prices have been rising in recent weeks: at the time of publication, the price of the crypto currency exceeded $15,400, according to data from the CoinMarketCap crypto exchange. Bitcoin has been hitting new highs since January 2018, when the crypto currency was in decline after peaking at nearly $20,000.
source: wsj.com
