China Construction Bank (CCB) Welcomes Bitcoin

Yes the Chinese authorities have always tried to stay from anything that was linked to Bitcoin. A move made by the China Construction Bank (CCB) has quite obviously, been implemented after evolving a strong strategy. The entire happening hinges around, a multibillion bond issued by the bank.

The magnitude of the bond issue is around $3 billion, this from CCB which happens to be the second largest bank in the world. We know for sure that the entire bond issue has been configured to operate on a blockchain. This allows the bond issue to be conducted easily and economically.

The bank has clearly stated that these bonds could be purchased internationally also that, Bitcoin and US dollars would be included in the payment options. This is indeed something that, could result in a sizeable amount of Bitcoin rolling into the bank.

The minimum amount that could be invested, would be as low as $100. It is clear that the bank hopes to attract a wide range of investors. It would be worth watching how this strategy works. A successful campaign is likely to set a new trend in corporate China.

Glitzkoin Russian business strategist Mikhail Koslov had this to say, '... CCB has made a bold move, in all likelihood it would soon be sitting on a big stash of Bitcoin. Remains to be seen if the bank gets tempted at trying to influence BTC prices at some time in the future. Success for BTC could drive a new trend'.  


GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and will form the blueprint, for similar deals to be negotiated with other business operators.  



Related Resources: [Project Updates]