The listing of $3 billion worth of blockchain-based bonds that would be purchasable using bitcoin has been postponed by the exchange that was set to list them, Fusang.

Fusang is a Malaysian digital securities trading platform, and revealed in a short post that the listing of the Longbong SR Notes USD Feb 2021 will be “delayed until further notice.” The post came merely days after a partnership between the China Construction Bank, one of the “big four” banks in China, and Fusang, was announced to sell the $3 billion worth of bonds.

According to The Block, special purpose vehicle Longbond Ltd was set up to issue the bonds, with a maturity term in February of next year. The bond would be tokenized on the Ethereum network and was set to start trading on November 13, against BTC and the U.S. dollar.

The bonds were set to yield “about 0.75%” at maturity, and as they were tokenized they were set to be available to retail investors, even though as an offshore U.S. dollar issuance the certificates will not be covered by China’s deposit insurance.

When asked about the abrupt delay, Fusang reportedly revealed it is not “at liberty to share any information.” The delay came as China’s Securities Times reported the China Construction Bank’s Labuan branch said it had no direct relationship with the issuer of the bond and was only a sponsor.

The state-backed Chinese bank reportedly pointed out it would be responsible for deposits and settlement of the blockchain-based bond, but would not take in any cryptocurrency directly. The bank reportedly sees the bond as a pilot. Instead of handling cryptocurrency, Fusang was set to receive BTC from investors and then convert the funds to purchase them.

Featured image via Pixabay.