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SWIFT says it has reached a ‘breakthrough’ in recent CBDC experiments



SWIFT says it has reached a ‘breakthrough’ in recent CBDC experiments

“For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway,” said chief information officer Tom Zschach.

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SWIFT says it has reached a ‘breakthrough’ in recent CBDC experiments

On Oct. 5, the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, announced that it had successfully moved central bank digital currencies and tokenized assets on existing financial infrastructure through two separate experiments. According to SWIFT, the results demonstrated that “CBDCs can be rapidly deployed at scale to facilitate trade and investment between more than 200 countries and territories around the world.”

SWIFT is a Belgian messaging system that connects over 11,500 financial institutions worldwide and plays a paramount role in facilitating international transactions. Globally, nine out of 10 central banks are actively exploring digital currencies. Via its collaboration with Capgemini, SWIFT managed to settle transactions using CBDCs based on different distributed ledger technologies, as well as using a fiat-to-CBDC payment network.

Fourteen central and commercial banks — including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo — are now collaborating in a testing environment to accelerate the path to full-scale CBDC deployment.

In the second experiment, SWIFT demonstrated that its infrastructure could integrate tokenization platforms with different types of cash payments. Working in collaboration with Citi, Clearstream, Northern Trust and SETL, SWIFT explored 70 scenarios simulating the market issuance and secondary market transfers of tokenized bonds, equities and cash. The World Economic Forum estimates the tokenization market could reach $24 trillion by 2027. Regarding the developments, Tom Zschach, chief innovation officer at SWIFT, said:

“Digital currencies and tokens have huge potential to shape how we will pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together. We see inclusivity and interoperability as central pillars of the financial ecosystem, and our innovation is a significant step towards unlocking the potential of the digital future.”

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FTX under ‘active’ civil and criminal investigation: Bahamas AG



FTX under ‘active’ civil and criminal investigation: Bahamas AG

The Bahamas Attorney General (AG) and Minister of Legal Affairs Ryan Pinder has confirmed that the collapsed crypto exchange FTX is the focus of an “active and ongoing” investigation by authorities from the Caribbean nation.

In a national statement that was delivered live on the Facebook page of the Office of the Prime Minister on Nov. 27, Pinder explained that the “affairs of FTX Digital Markets” are under scrutiny from both “civil and criminal authorities,” and Bahamian authorities are working with “a number of specialists and experts and will continue to do so as the need arises.”

“The Securities Commission, our financial intelligence unit, and the financial crimes unit of the Royal Bahamas Police Force will continue to investigate the facts and circumstances regarding FTX’s insolvency crisis and any potential violations of Bahamian law,” he added.

Pinder also revealed the relevant Bahamian authorities would try to hold to account any companies or individuals found to have committed any wrongdoing during the investigation, while they will cooperate with other regulatory agencies and law enforcement bodies around the world.

“These events remind us of the lessons learned from securities and other financial regulation about the need for strong cross-border cooperation. The public worldwide will be best served by a strong international regulatory cooperation,” he said.

The Securities Commission of the Bahamas suspended FTX Digital Markets (FDM) license to conduct business and stripped its directors of their power on Nov. 10.

On Nov. 12 they ordered the transfer of all FDM digital assets to a digital wallet owned by the commission for “safekeeping.”

Pinder mentioned the country’s regulatory authority has taken further protective measures approved by the Supreme Court but declined to elaborate further until “we are confident that doing so will not jeopardize any aspect of the ongoing investigations.”

Pinder also took the chance to slam the Nov. 17 emergency motion by FTX Trading Limited, which called out the “Bahamian government” for “directing unauthorized access to the Debtors’ systems” after the commencement of Chapter 11 bankruptcy filings in the United States.

He called the allegations “extremely regrettable” for misrepresenting “the timely action taken by the Securities Commission,” while also defending all the steps taken by the country‘s regulator so far.

Related: Alameda Research withdrew $204M ahead of bankruptcy filing: Arkham Intelligence

The Bahamas has encouraged crypto companies to the island country to aid its economy but it’s since been shaken by FTX’s collapse.

It was also hard hit by 2019’s Hurricane Dorian and the COVID-19 pandemic starting in 2020, ground its heavily tourism-based economy to a halt. With FTX gone, so have many jobs in the small nation.

But, Pinder outlined his belief that despite the “personal tragedies” associated with the collapse of FTX, he expects “little contagion beyond the digital asset sphere both here in the Bahamas and around the world.”

He referenced a Nov. 22 Standard & Poor’s ratings for the Bahamas, which forecast a stable outlook, citing the tourism sector’s performance.

“Standards and Poor has projected a stable outlook for our economy resting in part on the assumption that there will be no material adverse impact on the Bahamas from the worldwide collapse of FTX,” Pinder said.

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Three Arrow’s Su Zhu reveals latest attempts at a comeback post-FTX



Three Arrow’s Su Zhu reveals latest attempts at a comeback post-FTX

Three Arrows Capital co-founder Su Zhu looks like he may be attempting a comeback amid the fallout over FTX and Sam Bankman-Fried — seen by some as the crypto industry’s newest supervillain.

After months of radio silence, Su Zhu remerged on Twitter on Nov. 9, the day after FTX revealed it was suffering from a “liquidity crunch.”

As the FTX saga has unfolded, Zhu has continued to post on Twitter, offering sage advice through poetic metaphors, while tweeting veiled criticism of Sam Bankman-Fried and his handling of FTX.

That being a better swimmer led to her death felt bizarre yet obvious

The better she could swim the more she underestimated nature, how the difference between people is like the difference between grains of sand, just as theres no mighty grain there is also no mighty person

— Zhu Su (@zhusu) November 10, 2022

In his latest Nov. 27 Twitter thread Zhu revealed his next steps — the launch of a “long-form video podcast series” that discusses “life, belief systems, and mental health,” which will be launched with a collaborator and friend named “Cliff.”

In the tweet, Zhu also makes reference to Allah, a sign some believe means he had converted to Islam.

Cliff and I will launch a longform video podcast series soon discussing life, belief systems, and mental health.

Allah does not charge a soul except that which is within its capacity.

— Zhu Su (@zhusu) November 27, 2022

Recently, Zhu also hinted at creating a new trading firm in a Nov. 22 interview with Bloomberg, saying it could be an “all-weather fund” — made to perform reasonably through all market conditions — that invests in traditional financial assets and crypto.

Zhu’s latest quasi-announcement has attracted more criticism than support, however, with many drawing a contrast between his actions at 3AC with the ideologies presented in Islam.

Blogger and nonfungible token (NFT) project founder Foobar asked “what does Allah say about interest-bearing loans?”

Another user pointed out that interest is “haram,” or forbidden under Islamic law.

Su: “sorry brah can’t pay back the loan its not Sharia-compliant” pic.twitter.com/QsfJq7aDUL

— vechudnov (@chudnovglavniy) November 27, 2022

Over the last few weeks, the community has noticed a return of so-called crypto villains to Twitter following the collapse of FTX.

Related: It’s time for crypto fans to stop supporting cults of personality

Another Three Arrows Capital co-founder, Kyle Davies, recently reappeared on Twitter after months of radio silence, posting on Nov. 13 on Twitter that he’d spent the last few months seemingly looking at grass and painting.

He even appeared on CNBC’s Squawk Box program on Nov. 16 to allege that Alameda “hunted” 3AC’s positions.

My initial process was to spend my time searching and understanding. Less markets and screens, more grass and painting.

I will look to share my understanding to the extent it contributes to good and to light.

Yours Truly, Humbled and Gracious pic.twitter.com/z7YFvQwiRd

— Kyle Davies (@KyleLDavies) November 13, 2022

Alex Mashinsky, the founder of the bankrupt lending platform Celsius Network, has also made a reappearance after FTX’s downfall, appearing in a series of Twitter Spaces over the last few weeks.

In a Twitter Space on Nov. 27 Mashinsky said he “loves the idea” of getting FTX to “pay for the hole” and asked listeners to “make a lot of noise” and convince bankruptcy lawyers for Celsius and its Committee of Unsecured Creditors to sue FTX to pay for Celsius’ cash deficit.

— Haym (@SalomonCrypto) November 24, 2022

It’s estimated that Mashinsky, Zhu and Davies owe creditors around $6.3 billion.

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Bahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’



Bahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’

Bahamian Attorney General Insists FTX Is the Subject of an 'Active and Ongoing Investigation'

The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.”

Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’

On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech by contending that “the Bahamas is a place of laws, the rule of law, and the exercise of due process characterizes the integrity of our jurisdiction.”

The attorney general declared that the Bahamas Securities Commission (BSC) is the main Bahamian agency in charge of dealing with the FTX situation. Pinder explained that while FTX was located in the Bahamas, the government understands that the aftermath hurt people from all around the world.

He said the case was a “very large business failure as a result of questionable internal management practices and corporate governance.” Interestingly, the Bahamas attorney general spoke about Coindesk’s Nov. 2, 2022 article that discusses Alameda Research’s balance sheet. Pinder also talked about the crypto asset FTT and how it was used as an exchange token.

After briefly mentioning the article during the speech, Pinder disclosed that Alameda Research does not fall under the regulatory jurisdiction of the Bahamas. However, he further detailed that if it is found that Alameda did commit any improprieties in the Bahamas, then Alameda will be subject to the Bahamas’ jurisdiction.

As far as FTX is concerned, Pinder disclosed that there’s an active investigation taking place right now. The Bahamas attorney general said:

We are in the early stages of an active and ongoing investigation — it’s a very complex investigation — BSC, the Financial Intelligence Unit, and the Police Financial Crimes Unit will continue to investigate the facts and circumstances surrounding FTX’s bankruptcy crisis and possible violations of Bahamian law.

Pinder further added that as with any active inquiry, officials seek to share updates in a way that does not “compromise or constrain investigators.” The attorney general remarked that it was “extremely regrettable” that the bankruptcy case “misrepresented the timely action taken” by Bahamian regulators.

Pinder believes the BSC acted with “remarkable” speed, and the Bahamian government is not too pleased about people blaming the island for FTX’s mishap. “Any attempt to blame the entire debacle on the Bahamas because FTX is headquartered here would be a gross oversimplification of reality,” Pinder told the press in his prepared speech.

Meanwhile, the crypto influencer known as Bitboy has been trying to question the former FTX CEO Sam Bankman-Fried (SBF) at the former executive’s condo in the Bahamas. As far as Alameda Research’s top executive is concerned, Alameda CEO Caroline Ellison reportedly left Hong Kong to flee to Dubai.

What do you think about the attorney general of the Bahamas’ statements on Sunday? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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