Roxe Launches CBDC Payments and Distribution Network

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform, Roxe announced on Tuesday the launch of a central bank digital currency (CBDC) payments network running on its settlement infrastructure.

The press release shared with Finance Magnates detailed that the Roxe Instant Settlement Network will allow monetary regulators to issue, manage and distribute CBDCs across the globe. Additionally, the CBDCs can interoperate with other digital fiats and can be used by the other participants on the network.

Launched last year, Roxe is a payment clearing and settlement network for both traditional and digital assets. The company aims to tap the cross-border payments transfer market with global bank partnerships. Though its model is similar to Ripple, the company claims that it is much better and efficient.

Mentioning the advantages of the CBDC payment network, the San Francisco-based company detailed that the central banks will receive “faster, less expensive and more reliable cross-border payments.”

Moreover, 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.

Will Central Banks Opt for Private CBDC Infrastructure?

Roxe’s services for the CBDC came when several countries, big or small, were studying the feasibility to launch a digital version of fiat. While most of the countries are still in the very early phase, many central banks in Europe have initiated pilots with digital euros. China is the first major economy to complete the development process and is aggressively testing the digital yuan in the real-world.

Though central banks are usually developing digital giants behind closed doors and not inking partnership deals aside from establishing financial institutions for distribution, it is to be seen if a private player like Roxe can convince any monetary regulator to use its infrastructure.