The emErgence of new digital economic systems has pushed the Brazil Central Bank to launch a new immediate fee system, PIX. This launch comes in response to the growing demand for Bitcoin and other digital currencies. According to the bank president, Roberto Campos Neto, it is set to revolutionize how the country interacts with money.
Brazil Adopts To Growing Demand
A majority of countries have outdated monetary systems and policies. In the past, these very systems and policies have failed to lead to the major economic downfall. This is exactly what led to the creation of Bitcoin. Now Brazil has identified this through the rise of cryptocurrencies.
Central Bank president, Neto, noted this about the growing demand for cryptocurrencies and why they sort to launch PIX.
“Pix came from a need for people to have a payment instrument that is both cheap, fast, transparent and secure. 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 ”,
His statement is accurate. Bitcoin and other cryptocurrencies have risen because they have ensured cheap fees, transparency, and security. However, although PIX will carry all these characteristics, it will still be far from Bitcoin since it will be owned by the state.
As Simple As Chatting
The system will be provided by banks and be available to all citizens, establishments, and brokers. The Central Bank has stated that it wants the system to be as simple to use as possible (like chatting). Using digital wallets,