Roxe, a global payment network, has hired a seasoned economist from the International Monetary Fund (IMF) to oversee its CBDC initiative.
Roxe stated Wednesday that Andreas Jobst, a veteran of the IMF, World Bank, and Bermuda Monetary Authority, has been named head currency economist.
Jobst will be in charge of scaling Roxe’s CBDC Plus Program and payment network, which enables governments to create new primary or secondary fiat currencies backed by Bitcoin’s processing power.
Jobst’s most recent position at the IMF was in its European department, where he worked for two and a half years in an unclear job. Between 2014 and 2016, he worked as a senior economist for the same department.
The CBDC program is aimed particularly towards developing countries that are dealing with excessive inflation, fiscal imbalances, and currency instability.
Countries that have dollarized their economies have effectively given over control of monetary policy to the Federal Reserve of the United States, exposing them to new risks.
CBDCs are being aggressively investigated by central banks around the world, with some nations, such as China, far ahead of the curve.
The majority of CBDC projects, on the other hand, are focused on digitizing their fiat currencies in order to improve access to legal tender, as well as transaction management and monitoring.
On the other hand, Roxe is working on a CBDC that is backed by a standardized unit of Bitcoin hashrate. Because reserves are generated based on hashrate rather than arbitrary judgments, this technique could allow countries to implement Bitcoin’s sound money concepts into their monetary policy.
There are currently five countries that have successfully implemented CBDCs, all of which are in the Caribbean. Nigeria’s prototype CBDC project is also set to be live in the coming weeks, as Cointelegraph previously revealed.