Central Bank of Brazil will launch an instant payment system PIX

Brazil's central bank plans to launch an instant payments system in the country before the end of this year.This step was a response to the growing popularity of crypto assets in Brazil.

PIX project developed by the Central Bankcountries will allow around-the-clock almost instant payments using mobile applications, Internet banking and ATMs, according to Reuters and Livecoins. The launch of PIX is scheduled for November 10, 2020.

The system is aimed at accelerating payments and reducingcosts of fiat currency transfers between individuals and enterprises. At an event to mark the upcoming PIX launch, Roberto Campos Neto, President of the Central Bank of Brazil, said the system was being developed in response to new methods of digital payments, in particular cryptocurrencies.

"PIX arose because of the need to have cheap,fast, transparent and secure payment instrument, ”he said. “If we talk about bitcoin and other crypto assets, then their appearance is due to the need for people to use an instrument with such characteristics.”

PIX helps cut costs by reducing needin physical money, which, according to the head of the Central Bank, "brings great costs to society." Joao Manoel Pinho de Mello, director of the financial system of the Central Bank, said that banks should provide PIX access to all market participants.

Mello explained that transactions usingSystems can be implemented in various ways, including QR codes or keys - much like in cryptocurrency wallets and payment systems - or using mobile numbers.

It is still unknown what technology is based onPIX is being created, but it is reported that the system can be used to send funds to users, purchase products and pay for orders in online stores, as well as utility bills.

“The idea is to make payments as simple as chatting in instant messengers,” Mello said.

Recall that the other day it became known about the closuretwo Brazilian cryptocurrency exchanges due to tightening tax regulation. In addition, information appeared in October that Brazilian authorities will investigate fraudulent cryptocurrency schemes.

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