China Construction Bank to issue $3B of debt certificates on blockchain

China Construction Bank ([[CICHY]] +3.2%), the world's second-largest bank by assets (as of fall 2020), plans to launch the sale of $3B of debt on blockchain, the first digital security issued by a Chinese bank using the technology on which crypto is based, the China Morning Post reports.Using blockchain for issuing financial instruments allows the issuer to sell the securities at much lower costs because fewer financial intermediaries are involved in the process.That gives retail investors an opportunity to buy the China Construction Bank debt, which will be sold in the form of tokenized certificates of deposit. Typically, such debt instruments are only accessible to institutional and professional investors.The CDs will be issued through China Construction Bank's Labuan (Malaysia) branch with a tenor of three months, and will be issued at a minimum of US$100 each and yield about 0.75% at maturity. That's higher than the ~0.25% interest rate per annum