Former IMF economist to lead Roxe network’s Bitcoin-backed CBDC project
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Global payments network Roxe has recruited a former International Monetary Fund (IMF) economist to help lead its central bank digital currency (CBDC) project, which is backed by Bitcoin’s hashrate.
According to a Cointelegraph report and a Roxe Twitter announcement, the payments firm has appointed Andreas Jobst to the role of Chief Currency Economist. Jobst’s CV includes working for the IMF, World Bank and Bermuda Monetary Authority.
His primary remit will be to help evolve the company’s “CBDC Plus” program and payment network, which is designed to allow nations to issue new primary or secondary fiat currencies backed by the “hashrate” computational power of Bitcoin.
We are very pleased to announce our new hire, ex-IMF economist Andreas Jobst as our chief currency economist. His career also spans the World Bank and Bermuda Monetary Authority. 🙋👐https://t.co/EGssCr1pyt#Roxe #Blockchain #Payment #Fintech #PaymentSolutions #PaymentServices
— Roxe Chain Foundation (@RoxeChain) September 8, 2021
Two reasons. Firstly, the IMF doesn’t exactly have the friendliest relationship with Bitcoin and crypto, and specifically warned countries against using cryptocurrencies as legal tender ahead of El Salvador’s “Bitcoin Day” this week.
In a blog post in late July, the IMF said that the widespread usage of cryptocurrencies threatens “macroeconomic stability”, and that the adoption of “crypto assets as national currencies” carries risks and costs that “in most cases outweigh potential benefits”.
For Roxe to secure such a prominent former IMF stalwart is certainly something of a coup for a company that’s basing its CBDC-enabling business strategy around the power of Bitcoin.
And for things that make you go hmmm… it’s right up there with the recent news that former US Securities and Exchange Commission Chairman Jay Clayton has joined the crypto custody firm Fireblocks on its board of advisors. Clayton wasn’t known for being particularly crypto-friendly during his time at the SEC.
The second reason it carries weight is that this is the only CBDC project in development that relies on the continued success, or at least the power, of Bitcoin.
All other CBDCs either being developed, piloted, or rolled out by nations including China, Nigeria, the Bahamas, Singapore and others, are solely focused on digitising fiat currencies.
The Roxe strategy, in theory, could encourage countries to bring Bitcoin into their monetary policy frameworks, strengthening the case for further global adoption of the cryptocurrency.