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Brazil’s Central Bank Announces New Instant Payment Platform To Challenge Cryptocurrencies

The new system is dubbed the Brazilian Instant Payment Scheme (PIX) and will support all transactions, whether personal or business. It will allow peer-to-peer and business-to-business transactions.

A Brazilian media company says that the central bank’s president Roberto Campos expressed that PIX was created because of cryptocurrencies. According to the publication, Campos said that people need a payment platform that is very affordable, very fast, and also very secure. He said PIX was created to have the same features digital assets as Bitcoin have.

Sweden recently announced that it has begun a pilot test for its own CBDC. However, the BCB’s option is not a digital currency.

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