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Roxe bids to overcome interoperability issues in central bank digitial currencies

Source: Roxe

Today we’re excited to announce the debut of the world’s first Central Bank Digital Currency (CBDC) payment network running on the Roxe Instant Settlement Network (“Roxe”).

Our new network capability enables central banks to issue, manage, and distribute CBDCs across the globe and interoperate with other CBDCs and every other Roxe network member, including banks, other central banks, cross-border money transfer companies, and even peer-to-peer payment networks.

Roxe enables central banks to faster, less expensive and more reliable cross-border payments and enjoy the network effects of a growing ecosystem. The Roxe network increases CBDCs’ global circulation and liquidity by interconnecting them with a global payment system that includes non-bank payment providers and highly liquid, decentralized foreign exchange markets. In addition, the Roxe network provides a pre-built infrastructure to connect with central, domestic, and foreign bank members in order to send, receive, and exchange digital currency.

CBDCs are being tested in dozens of countries. But success depends on many factors, including digital currency issuance and interoperability with central, foreign, and domestic banks.

“A world without Roxe would mean a more fragmented financial system because each country could have its own CBDC that’s not compatible with other CBDCs and payment networks,” said Haohan Xu, CEO of Roxe. “We’re on a mission to enable financial institutions, especially central banks, to remove barriers of time, geography, and currency so that financial value can move with unprecedented speed at much lower costs anywhere in the world.”

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