Global payment network Roxe is advancing its Central Bank Digital Currency (CBDC) product suite with the appointment of an experienced economist from the International Monetary Fund (IMF). Andreas Jobst will notably be leading the organization’s approach to design and develop CBDC solutions based on the Bitcoin hashrate.
Roxe’s CBDC initiative is targeted at helping countries whose economies have been suffering from inflation or the effects of Dollarization. While the former factor typically brings about an unstable economic ecosystem, the latter implies the countries will be subject to the economic and financial policies that emanate from the United States Federal Reserve. Neither is ideal for a nation that is expected to run independently.
Jobst led a successful career at the IMF as well as the World Bank and Bermuda Monetary Authority. At Roxe, he would serve as the chief currency economist, with the task of helping to evolve the CBDC Plus program and Roxe’s payment network. Over the course of the next few years, Jobst will lead the initiative that will onboard countries to build either primary or second fiat currencies using the Bitcoin blockchain hashrate as a standard.
Taking a Detour from the Norm
CBDCs are currently becoming a major financial innovation being pursued by many central banks around the world today. From the United States Federal Reserve to the Reserve Bank of India, and the Monetary Authority of Singapore, the interest in CBDCs is now going mainstream. A common factor amongst the CBDC approach of these apex banks is that the new forms of money, despite taking the form of digital currencies, will be completely controlled by the government. This implies users are not completely immune to being tracked by the authorities.
Roxe’s approach takes a detour from the norm by helping countries leverage the privacy and security inherent in the Bitcoin hashrate standard. Drawing on this standard, countries can implement monetary decisions based on the Bitcoin standards, rather than arbitrary decisions from humans.
The end-users of the CBDC will rest assured that their personal details, though available to the public, are not in the hands of a centralized entity. The appointment of Andreas Jobst is billed to further influence the development approach toward this ultimate end-goal of making the Roxe CBDC option, a completely better alternative to the norm.