Brazil won’t adopt RippleNet or XRP as the Central Bank has announced its own payment network with low fees, fast transactions and huge liquidity. The PIX coin starts off in Q4 2020.
The Brazilian government has decided to implement a new almost instant payment solution, presumably called the PIX coin. It will shine in Q4 2020 via mobile devices and POS terminals, and they have no plans on adding Ripple‘s XRP.
The project was developed by the Central Bank of Brazil and received the name PIX. It will gain confirmation for payment in ten seconds. And it will work via ATMs, online, and through mobile applications as well. Per the Reuters report, local Livecoins journalists found the intel.
CB of Brazil Builds PIX Payment Network without XRP and Ripple Solutions
Roberto Campos Neto, the President of Brasilian Central Bank, says that the new payment instrument arrives after people’s demand. It will make the payments cheaper, according to Roberto:
“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”
The payment gateway will start working on November 10, 2020, which is nine months away. This way, the Central Bank wants to destroy the unbelievably unfair transaction costs taken by the current infrastructure. Which is – the cash and the banks.
Reducing the Cost Needed for Physical Money
Although it is the anonymous means of payment, the government wants to lure people to the KYC version of cash. Currently, this…