The new Brazilian payment system, Pix, is expected to go into operation later this year, with the first tests being carried out this month. Generally speaking, it will expand the possibilities and facilitate financial transactions between people. And this move, called open banking, should be very important to the bitcoin ecosystem and encrypted digital assets, evaluates Transfero Swiss’ Business Development head, Juliana Walenkamp.
This is one of the most important projects we have this year. The world demands a payment instrument that is cheap, fast, transparent and secure.
“The Open banking increases the possibility of transactions between people, that is, you do not have a specific time limit or day to complete the transaction. Central Bank’s move toward open banking is a global trend and ratifies the importance of blockchain for the financial system”, said the executive, participating at Panorama Transfero.
Transactions between users and cryptocurrency exchanges should also be facilitated with open banking. The users will be able to transfer and confirm the deposit in a moment and transact with their preferred cryptocurrency or stablecoin. The system also tends to integrate different forms of payment, including those that use cryptocurrencies.
The president of the Central Bank, Roberto Campos Neto, views the relationship with the blockchain. In a recent statement, he admitted that open banking is a response to the development of the digital economy driven by encrypted digital assets. And that the project will unite all the ‘links’ of the new economy, such as new forms of payment, fintechs, traditional banks and open banking.
“This is one of the most important projects 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 of this demands, these characteristics. And Pix is our response to these systems. Pix is a very important project and will be the embryo of a total transformation in the country’s financial system”, Campos Neto said, as Cointelegraph reported.
Open banking has been growing beyond bitcoin
The open banking market has been growing in the world in general. Especially in China, with the use of QRCode in so-called super apps. For example, in the WeChat app, the user can do everything. In Brazil, in the last three years some fintechs have emerged with interesting solutions in the area of credit, with cash back payments.
