Central Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial

Central Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial

Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments. The project used distributed ledger technology and was realized with help from private firms.

France and Switzerland Explore Direct Transfer of Euro, Swiss Franc Wholesale Digital Currencies

An experiment carried out by the monetary authorities of France, Switzerland and the Bank for International Settlements (BIS) has indicated that central bank digital currencies (CBDCs) can be used effectively for international settlements between financial institutions, the participants in the trial announced.

Project Jura, which has been completed recently, focused on settling foreign exchange transactions in euro and Swiss franc wholesale CBDCs as well as issuing, transferring, and redeeming a tokenized euro-denominated French commercial paper between French and Swiss financial institutions, the banks explained.

The trial involved the direct transfer of euro and Swiss franc wholesale CBDCs between commercial banks in France and Switzerland on a single distributed ledger platform operated by a third party and with real-value transactions. It was conducted in collaboration with the private companies Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange, and UBS.

According to the partners, issuing wholesale CBDCs by providing regulated non-resident financial institutions with direct access to central bank money raises certain policy issues. To address these, they took a new approach, employing subnetworks and dual-notary signing which is expected to give central banks confidence to issue wholesale CBDCs on third-party platforms. Benoît Cœuré, who heads the BIS Innovation Hub, commented:

Project Jura confirms that a well-designed wholesale CBDC can play a critical role as a safe and neutral settlement asset for international financial transactions. It also demonstrates how central banks and the private sector can work together across borders to foster innovation.

“Jura demonstrates how wholesale CBDCs can optimise cross-currency and cross-border settlements, which are a key facet of international transactions,” added Sylvie Goulard, deputy governor of Banque de France.

The wholesale CBDC experiment is part of a series of trials launched by Bank of France last year and a continuation of the testing carried out under SNB’s Project Helvetia. It also contributes to the ongoing work on cross-border payments at G20, the central banks remarked while also noting that it should not be viewed as a plan on their part to issue wholesale CBDCs.

Do you think Bank of France and the Swiss National Bank will eventually issue wholesale CBDCs? Let us know in the comments section below.

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

The Kleiman v. Wright trial has come to a conclusion and Craig Wright and his defense team has won on all claims except one count of conversion. According to a court reporter, Craig Wright, the man who claims to be Satoshi Nakamoto, said he was “incredibly relieved.”

Craig Wright’s Defense Wins on All Claims Except Conversion — Wright Says ‘I’m Not Going Anywhere, I’m Here for the Long Term’

After the jury was deadlocked in the Kleiman v. Wright case for days last week, the jurors came to a decision on Monday, December 6, 2021. Craig Wright and his defense team from Rivero Mestre LLP have managed to beat all the charges except one count of conversion.

The jurors ruled that while Wright was cleared of most charges, he must pay $100 million to W&K Info Defense and no punitive damages. Carolina Bolado, the Law360 reporter at the trial, explained that Judge Beth Bloom commended the attorneys who provided “superb representation” to their clients. Bolado also detailed that Wright said he was “incredibly relieved.”

The plaintiffs, the Kleiman estate, accused Wright of manipulating his former business partner Dave Kleiman’s bitcoin inheritance and IP. The lawsuit’s preliminaries and discovery period dragged on for years, with all kinds of mystery in between.

Bitcoinsv (BSV) supporters celebrated Wright’s victory on social media platforms and forums. However, other crypto advocates criticized the publication Coingeek for reporting on the verdict in a bias manner. Coingeek author Jordan Atkins claims in his headline that “Bitcoin creator Craig Wright 100% Satoshi Nakamoto, says Kleiman v. Wright jury.”

“Thank you everyone for all your support over all of the years,” Wright said in a video response following the verdict. “This has been a remarkable good outcome and I feel completely vindicated. “Next, there are still more fights. Were going to make everything change… cryptocurrency to digital cash the way its meant to be. My original invention is coming back. I’m not going anywhere, I’m here for the long term and I’m here for the fight.”

Bitcoin Advocates Snark at Wright’s So-Called Win

A few other bitcoin advocates had different opinions of the outcome. Alistair Milne said: “Craig Wright found guilty of stealing his dead partner’s assets, fined $100mil.” The attorney Stephen Palley tweeted: “LOL. The people who think that getting hit with a $100 million jury verdict for conversion (stealing) is a win.”

“Craig Wright is a charlatan pretending to be Satoshi without proof and is getting sued by some other guy or something like that I don’t remember,” the co-founder of Dogecoin, Billy Markus tweeted. “Anyway the whole thing is dumb and my tweet was just making fun of morons who blame devs and founders for the current trading price.”

The attorney representing the Kleiman side seemed pleased with the verdict when he tweeted “100,000,000” with a smiley face emoji. “Craig Wright is now officially the most bankrupted Faketoshi ever,” the Twitter account Arthur van Pelt said. Is that a section in the Guinness Book of Records yet?” he further asked.

The lawsuit could see some type of appeal process stem from both sides of the case in regard to the jurors’ recent decision. The hoopla on social media is no different than any other day, as Wright’s supporters wholeheartedly believe the decision was a big win, Wright’s detractors think the case proved he did something wrong. Either way, the verdict will likely not change any minds with strong biases for or against Wright, and whether or not his Satoshi tales are true or false.

What do you think about the verdict in the Kleiman v. Wright trial? Let us know what you think about this subject in the comments section below.