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Amid the PIX, Central Bank opens GitHub profile: understand what that means

Cryptocurrency

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(Photo: Marcello Casal Jr./Agência Brasil)

Users of GitHub, which works as a kind of “LinkedIn for programmers” may not have noticed yet, but the Central Bank (BC) of Brazil has opened an official profile on the platform.

Through the press office, the national monetary authority confirmed the authenticity of the profile, created on 23 January.

The purpose of the profile on this platform is to collaborate with the Central Bank's effort around PIX, the instant payment system recently announced by the institution and promised for November.

In BC's profile on GitHub, there are also two files, referring to the DICT API (Directory of Transactional Account Identifiers), one of the branches of PIX.

"The reference API was made available on the platform to facilitate and speed up the adhesion of most possible Payment Service Providers (PSP), given the strategic priority of the PIX project for the BC," said the institution through the press office.

For programmers consulted by the report, having an open source GitHub is a demonstration of transparency by the Central Bank.

PIX brand, instant payment system developed by the Central Bank
Brand of PIX, instant payment system developed by the Central Bank.
(Photo: Disclosure / Central Bank)

PIX, BC # Agenda and Open Banking

The creation of the profile on GitHub is consistent with the measures taken by the Central Bank in recent months to modernize the national banking and financial sector.

“PIX is a very important project and will be the embryo of a total transformation in the country's financial system”, highlighted Roberto Campos Neto, president of BC, during the press conference to launch the program.

The weight placed by the BC on top of the PIX can be understood from the mandatory participation of the big banks and the main fintechs in the system. The objective is to guarantee a quick dissemination and popularization of the service.

The entry on the scene of PIX is another branch of the so-called Agenda BC #. It provides for the adaptation of the National Financial System (SFN) and the Brazilian Payment System (SPB) to the modern technologies currently present in the sector.

Another item on the modernization agenda undertaken by the national monetary authority is Open Banking. It is a premise that encourages large banks and fintechs to participate in a connected ecosystem to improve the customer experience.

With these measures, the Central Bank aims to foster competitiveness and innovation in the Brazilian financial system – and, consequently, generate better opportunities and options for clients.

Looking at bitcoin

Another clear change at the Central Bank concerns looking at cryptocurrencies, such as bitcoin. Until 2018, under the management of Ilan Goldfajn, cryptography was classified as a “typical bubble and pyramid”.

This scenario has an important change with the arrival of Campos Neto to the presidency of BC. Even before taking office in February 2019, he mentioned cryptocurrencies and blockchain in a letter to the Senate. And he said that one of his goals in office would be to prepare the autarchy for the advancement of new technologies.

"Blockchain is cheap, fast and safe to control operations", says new BC president
The Central Bank president, Roberto Campos Neto, during the position transfer ceremony
(Photo: Fabio Rodrigues Pozzebom / Agência Brasil

“I have been studying and dedicating myself intensively to designing what the financial system of the future will look like. I participated in studies on blockchain and digital assets. One of the contributions I hope to bring to the Central Bank is to prepare the institution for the future market, in which technologies advance exponentially, generating more accelerated transformations ”.

During the launch of PIX, last Wednesday, cryptocurrencies appeared again in the speech of Campos Neto. And this time as inducers of the necessary modernization for the financial sector.

“The world demands a payment instrument that is cheap, fast, transparent and secure. If we think in terms of bitcoin and cryptocurrencies, they are born out of these needs, these characteristics. And PIX is our answer to these systems ”


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