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“More agility, less costs to the citizen”, says Bolsonaro about the Central Bank's PIX


Bolsonaro government raised R $ 78.6 billion with privatizations so far
President Jair Bolsonaro participating in Unica Forum 2018 (Photo: Shutterstock)

President Jair Bolsonaro went to social media to praise the recent action of the Central Bank in the renewal of means of transfers with the PIX system.

“More agility, less costs to the citizen”, said the president on Twitter last Monday.

Bolsonaro further described the purpose and usefulness of the new BC product:

“Payments and instant transfers will be a reality in Brazil. The Central Bank launched the PIX payment system, which, as of November, will allow the sending and receiving of amounts quickly, including on smartphones ”.

The president was categorical, strictly following what was informed by the president of the Central Bank, Roberto Campos Neto.

However, the president did not cite bitcoin, as Campos Neto did, not least because it is a topic that probably goes beyond the presidential agenda.

At the launch last week, the BC president stated that the PIX would be a response to Bitcoin.

“This is one of the most important projects that we have this year. 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, ”he said.

Central Bank PIX

The PIX for the population to start operating is scheduled for November 16.

Among the features already available for the launch are making payments by scanning the QR Code and paying fees to the union – in the latter case, made possible through a partnership with the National Treasury.

The estimated time for each operation is only 10 seconds. The Organization's Financial System and Resolution Director at the institution, João Manoel Pinho de Mello, however, estimates that most of them should occur in an even shorter time, 2 seconds.

Farewell to TED and DOC

PIX promises to promote a revolution in the current Brazilian financial system.

In order to guarantee a standardization and the immediate adoption of the PIX, the Central Bank determined mandatory participation in the system of all financial institutions with more than 500 thousand active accounts.

This cut includes both the large Brazilian banking institutions and the main digital banks – Nubank, Inter, Original, among others.

With instant payments, two of the most famous banking operations, TED and DOC, will become increasingly obsolete and will fall out of use.

But that does not mean an immediate end, but they will be gradually replaced by the new service.

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