More

    Brazil Central Bank To Roll Out PIX, A Non-Crypto, QR-Based ‘Near Instant' Payment System

    Brazil’s Central Bank is set to launch a new payment system which it claims will offer near instant fund transfers. The new payment system is set to be released in November, Cointelegraph reports.

    The new system will be referred to as PIX, a short form for Brazil’s Instant Payment Scheme. The platform will allow for peer-to-peer as well as business-to-business (B2B) transfers within 10 seconds through mobile phones, selected ATMs and internet banking.

    In a press statement released on Feb. 20, all payment and financial institutions that are regulated by Brazil’s Central Bank are mandated to give out the requisite functionalities to their active clients for smooth facilitation of the PIX transfers. The press statement also indicates that QR Codes will be used for execution of transactions. Users can also use identification details like taxpayer identification number, phone number or email.

    An Answer To Cryptos

    Cointelegraph reports that the head of the central bank Roberto Campos explained that the new platform is set to directly compete with payment systems that are based on distributed ledger. He stated that the idea behind the creation of PIX was necessitated by the desire to have a payment platform that is secure, transparent, cheap and fast. He added that the new system is set to have characteristics as those of Bitcoin and other cryptos.

    Campos also stated that the PIX platform will be the central bank’s top priority this year. He went ahead to state that the platform will be instrumental in eliminating the need for individuals to always have physical currencies which leads to a high cost for the society.

    The statement also states that the central bank and Brazil’s Treasury Secretariat have already inked a deal which will allow Brazilians to remit their federal taxes through PIX starting from November this year. In addition, the Brazilian government is set to provide various payments like income tax refunds, grants, social benefits via PIX in the near future. The aim is to enhance mass adoption of the platform.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,351FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    IOHK Reboots Byron Codebase, A Big Step Towards Cardano's Shelley Blockchain Upgrade

    IOHK Team has released a statement that the Byron upgrade is now complete. As per a press release, the upgrade will allow a seamless...

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.