Roxe, a next-gen international payment network, reveals that it will offer qualifying reserve banks with free access to its global Central Bank Digital Currency (CBDC) Plus Program.
The new program will aim to enable countries to issue “new secondary or primary sovereign, fiat currencies backed by a standardized Bitcoin hashrate,” which will also allow their central banks to “issue CBDCs, stabilize their economies by anchoring them to the Bitcoin economy, increase revenue, and make faster, cheaper international payments and remittances,” according to an update shared with CI.
As stated in a release:
“For many small or developing countries throughout history, relying on their economies as a basis to issue and manage their money supply without rampant inflation has proven to be very difficult. As a result, many countries have been ‘dollarized,’ using USD to help stabilize their economies. Even so, many such countries have struggled to control inflation and still lack truly sovereign, national currencies.”
But now — countries may stabilize and expand their economies by “issuing sovereign, fiat currencies backed by a standardized Bitcoin hashrate,” the announcement noted while adding that reserve banks may generate hashrate power by “deploying or outsourcing Bitcoin mining equipment.”
Josh Li, Chief Business Officer at Roxe, remarked:
“Much like standardized units allow energy to be publicly traded, we are standardizing the Bitcoin hashrate. Backing fiat currencies or CBDCs with Bitcoin hashrate is a more efficient and reliable way to help develop a country’s economy, facilitate cross-border remittances and payments for its citizens, and improve the international distribution of its currency.”
Some of the main benefits for Central Banks (as shared by Roxe) are as follows:
Roxe’s new CBDC Plus Program may be suitable for nations that use the USD as their “official currency” or are “heavily dollarized,” including El Salvador, Barbados, Honduras, Panama, Zimbabwe, Timor-Leste, Marshall Islands, Palau, Micronesia and Cambodia.
The program provides these benefits:
- Issue, manage, and increase distribution of new, sovereign fiat currencies via CBDCs
- Stabilize fiat currencies and grow national economies
- Significantly increase government revenue by acquiring Bitcoin hashrate
- Save FX costs by getting the best wholesale FX rates
- Stimulate cross-border commerce by removing costly intermediaries
- Increase citizens’ global financial inclusion by providing an on-ramp to digital payments
- Reduce foreign currency penetration and enable a cashless society
Roxe welcomes leaders from reserve banks, government finance ministries from developing nations to find out more by visiting this site: https://www.roxe.io/central-banks.
As mentioned in the release, Roxe is an international payment network that leverages blockchain or distributed ledger tech (DLT) to “make money smarter.” Roxe’s smart payment tech “automatically selects the best route for the fastest, least expensive, and most reliable payments for any business or individual anywhere in the world.”
The firm aims to bring together “fragmented” international payment systems so that payment and remittance firms, banking institutions, reserve banks, and consumers may “get the speed and cost savings benefits of blockchain technology without directly transacting with cryptocurrencies.”
Roxe also “removes barriers of time, geography, and currency so that financial value moves with unprecedented speed across the globe.”
Powered by Roxe Chain, a hybrid blockchain purpose-built for payments and other value transfer applications, Roxe also “empowers its partners to offer their end customers ultra-fast remittance and payments products.”
Roxe is “designed to be the fundamental component of the global payments industry and is compatible with any traditional and digital financial system.”