Chinese Bank Issues Mortgage Derivatives Worth $1.3 billion on Blockchain
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Chinese Bank Issues Mortgage Derivatives Worth $1.3 billion on Blockchain
Bank of Communications, one of China’s four primary banks, has issued more than $1 billion worth of residential mortgage-backed-securities on a blockchain, according to CoinDesk.
Contracts based on debt
The blockchain is called ‘Jucai Chain’. It was first launched in June 2018 as a system for handling securities contracts in a more transparent way. The bank began moving data onto the chain in July.
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RMBS contracts are based on debts incurred from residential loan agreements. They are often purchased by financial institutions because of their long terms and cash flow.
Critics of these contracts say that their ... (read more)
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