Roxe, a next-generation global payment network, today announced it will provide qualifying central banks with free access to its new, global Central Bank Digital Currency (CBDC) Plus Program.
The new program will, for the first time ever, 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.
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 -- for the first time ever -- countries can stabilize and grow their economies by issuing sovereign, fiat currencies backed by a standardized Bitcoin hashrate. Central banks can generate hashrate power by deploying or outsourcing Bitcoin mining equipment.
“Much like standardized units allow energy to be publicly traded, we are standardizing the Bitcoin hashrate,” said Josh Li, chief business officer of Roxe. “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.”
Key Benefits for Central Banks
Roxe’s new CBDC Plus Program is ideal for countries 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 among several others. The program offers several key 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