Brazil Is About to Launch an Alternative to Cryptocurrencies
By Marko Vidrih on The Capital
The Central Bank of Brazil is about to launch an instant payment platform, which is seen as an alternative to the technological advantages of cryptocurrencies.
According to Reuters, the main goal of the future platform is to reduce the cost of payments for users.
A platform called PIX will allow you to make payments around the clock using mobile phones, Internet banking and ATMs, and the settlement time will take about 10 seconds.
The PIX platform is about to launch on November 10th. President of the Central Bank of Brazil Roberto Campos Neto said that there was a need to create a “cheap, fast, transparent and secure payment tool” that is somewhat “comparable to digital assets”.
For micropayments and money transfers
Since the PIX platform will allow you to make payments almost instantly, users will have the opportunity to use it in everyday life for money transfers and micropayments.
Representatives of the central bank also explained that the payment platform will be controlled by banks, and all market participants, including payment institutions and companies, will be able to use it. PIX is also likely to eliminate the need to use physical money, thereby significantly reducing the costs of issuing and storing it.
It is also reported that transactions can be performed in several ways — using QR codes, keys and mobile phone numbers.
Author: Marko Vidrih
Featured image credit: Pixabay
