RATE Group | In Response to Bitcoin, Central Bank of Brazil Presents Instant Payment System Pix
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In Response to Bitcoin, Central Bank of Brazil Presents Instant Payment System Pix

21 Feb In Response to Bitcoin, Central Bank of Brazil Presents Instant Payment System Pix

Posted at 03:39h in Bitcoin News by

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In Response to Bitcoin, Central Bank of Brazil Presents Instant Payment System Pix

Banco Central do Brasil has started testing a new payment network with the promise to offer Brazilians near instant transactions and many new services. Portrayed as a response to Bitcoin, the Pix system will be mandatory for major financial institutions to ensure wide coverage. The project aims to limit the use of paper money and plastic cards to reduce the costs of the national financial system.

Also read: Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out of Business

Pix to Transfer Money Between Users Within Seconds

Brazil’s new electronic payment system was officially launched during an event at the BCB headquarters in Brasília on Wednesday, Feb. 19. Pix was initially announced in the spring of 2019 but its name was revealed last week by the central bank’s president Roberto Campos Neto who shared details about the system. During an interview with the Brazilian TV channel Globo News, Campos Neto explained:

Instant payment…

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