Bitcoin Naysayer Jamie Dimon Praises $2 Trillion Stimulus While Predicting Great Recession

10m
cointelegraph

Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

1h
cryptonewmedia

Altcoins Mark Return Of Bullish Phase But Analyst Warns Bitcoin Risks Drop To $5,600

2h
zycrypto

BTC’s Price is Either Going to Zero or Seven Figures

2h
cryptonewmedia

Why Bitcoin Needs Over $400 Million Monthly Inflow For Price To Maintain $7,000

2h
zycrypto

Bitcoin Dives to $7,000 as S&P 500 Tumbles: Is This It for Crypto...

2h
newsbtc

Stock Rebound is Trap, Go Bitcoin Instead: Galaxy Digital CEO

2h
bitcoinist

CME Bitcoin Futures Volume Finally Upticks Since March Crash, Is Institutional Investment Flocking Back?

2h
coingape

Former Facebook Exec: BTC's Price is Either Going to Zero or Seven Figures

3h
cointelegraph

ETH/USD Nearly Tests Critical 177.39 Level: Sally Ho's Technical Analysis 7 April 2020 ETH

3h
cryptodaily

Peak “Fear” Crypto Market Shows Big Bitcoin Recovery is...

3h
newsbtc

Ethereum (ETH) Gains Momentum Ahead of ‘ETH 2.0’ Upgrade

3h
cryptocurrencynews

What Makes DeFi Decentralized? Rune Christensen on Centralized Collateral and Decentralizing Make

3h
cointelegraph

Russian Darknet Criminals Sell $13M of Fake Cash for Crypto

3h
cointelegraph

Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic

4h
utoday

Bitcoin Flashes “Warning Signs” After Facing Grim Rejection at...

4h
newsbtc

Ripple’s ODL Remittance Payments Are Blowing Up And Fueling XRP Rally

4h
zycrypto

Bitcoin Spikes by 2x in 26 Days: What’s Actually Behind the Big Rally?

4h
cointelegraph

March Sell-Off Reshuffles Top Exchanges for BTC Futures Trading

4h
beincrypto

Half A Billion People Use Anonymity Tools |

4h
cryptonewmedia

The Block Crunch - Why "Scalability" is Misleading for New Blockchains - Emre Tekisalp (O1 Labs)

4h
letstalkbitcoin

Ethereum’s On-Chain Data Suggests ETH Is Significantly Undervalued At Current Price Levels

5h
zycrypto

The Crypto Industry’s ‘Bloody Friday’ Lawsuits: Do They Hold Weight?

5h
cointelegraph

Investor Sues Crypto Mining Firm Riot Blockchain to Pay $728K in Legal Fees

5h
cointelegraph

Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000

5h
utoday


Brazil Central Bank Launches ‘Immediate Fee System’ To Rival Bitcoin

coingape

2mon ago

The emErgence of new digital economic systems has pushed the Brazil Central Bank to launch a new immediate fee system, PIX. This launch comes in response to the growing demand for Bitcoin and other digital currencies. According to the bank president, Roberto Campos Neto, it is set to revolutionize how the country interacts with money.

A majority of countries have outdated monetary systems and policies. In the past, these very systems and policies have failed to lead to the major economic downfall. This is exactly what led to the creation of Bitcoin. Now Brazil has identified this through the rise of cryptocurrencies.

Central Bank president, Neto, noted this about the growing demand for cryptocurrencies and why they sort to launch PIX.

“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 ”,

His statement is accurate. Bitcoin and other cryptocurrencies have risen because they have ensured cheap fees, transparency, and security. However, although PIX will carry all these characteristics, it will still be far from Bitcoin since it will be owned by the state.

The system will be provided by banks and be available to all citizens, establishments, and brokers. The Central Bank has stated that it wants the system to be as simple to use as possible (like chatting). Using digital wallets, the system will allow for a fee to be sent between recipient and payer without any third party. This will make it easy to pay for goods and services without the need for physical money.

The director of the Bank’s Financial System and Resolution Organization, João Manoel Pinho de Mello noted,

“The settlement of the transaction will be done in up to 10 seconds and it will be possible to do it 24 hours a day, seven days a week and 365 days a year”,

Melo has further explained how the new system will work noting that it will be via QR Codes, typing on the address, connecting cell telephones and others. The payer will be able to connect with the recipient before completing the transfer. The two will be able to confirm the transaction by monitoring each other’s data before completing it.

With the latest update, it is clear that cryptocurrencies continue to shake the established order in the financial industry.

John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru

John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru

Peter Thiel-Backed $50 Million Bitcoin Mining Firm Starts Operations In West Texas

Etoro

Trade Now

Celsius Network

Download Now

Bybit

Trade Now

MELbet

Visit Now

Crypto Games

Play

Stake

Play

Hashflare

Visit Now

The emErgence of new digital economic systems has pushed the Brazil Central Bank to launch a new immediate fee system, PIX. This launch comes in response to the growing demand for Bitcoin and other digital currencies. According to the bank president, Roberto Campos Neto, it is set to revolutionize how the country interacts with money.

A majority of countries have outdated monetary systems and policies. In the past, these very systems and policies have failed to lead to the major economic downfall. This is exactly what led to the creation of Bitcoin. Now Brazil has identified this through the rise of cryptocurrencies.

Central Bank president, Neto, noted this about the growing demand for cryptocurrencies and why they sort to launch PIX.

“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 ”,

His statement is accurate. Bitcoin and other cryptocurrencies have risen because they have ensured cheap fees, transparency, and security. However, although PIX will carry all these characteristics, it will still be far from Bitcoin since it will be owned by the state.

The system will be provided by banks and be available to all citizens, establishments, and brokers. The Central Bank has stated that it wants the system to be as simple to use as possible (like chatting). Using digital wallets, the system will allow for a fee to be sent between recipient and payer without any third party. This will make it easy to pay for goods and services without the need for physical money.

The director of the Bank’s Financial System and Resolution Organization, João Manoel Pinho de Mello noted,

“The settlement of the transaction will be done in up to 10 seconds and it will be possible to do it 24 hours a day, seven days a week and 365 days a year”,

Melo has further explained how the new system will work noting that it will be via QR Codes, typing on the address, connecting cell telephones and others. The payer will be able to connect with the recipient before completing the transfer. The two will be able to confirm the transaction by monitoring each other’s data before completing it.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments