PIX Announced by Bank of Brazil to Tackle Cryptocurrencies
A new payment system is well on its way to be launched in Brazil this year, guaranteeing rapid transfers. Reports on Wednesday from Reuters and Livecoins suggested the PIX project, started by the Central Bank of Brazil will provide payments via mobile apps, ATM's and internet banking within ten seconds. PIX is all set to hit the market on November 10, 2020; it is designed to enhance the speed of transfers and cut down on the costs of fiat transfers between individuals and businesses.
On Wednesday, there was a launch event, and President Roberto Campos Neto, Central Bank of Brazil said that PIX is their reply to cryptocurrencies.
"Pix came from a need for people to have a payment instrument that is both cheap, fast, transparent and secure," Campos Neto said, according to Livecoins. "If we think about what has happened in terms of the creation of bitcoins, cryptocurrencies and other encrypted assets, it comes from the need to have an instrument with such characteristics."
Purpose of PIXThe desire for physical money would dwindle and this is how PIX will help cut the cost down, as the physical form of money costs society a lot.
Director of the Central Bank's Financial System and Resolution Organization, Joao Manuel Pinho de Mello said at the launch that the Bank should make sure that PIX is made available to all people involved in the market, and payment solutions.
There's a multitude of methods to carry out the transactions, like QR codes or address keys, according to Mello. It appears PIX would be following a similar pattern to cryptocurrencies in carrying out the transactions. However, there's no official confirmation regarding the technology used. From whatever that was cited at the event, Its likely PIX would be used to transfer funds, pay online and buy tea etc. Mello told Livercoin that the idea is to make the transactions as simple as sending a message while chatting.
About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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