In response to cryptocurrencies popularity, Brazilian central bank plans to implement a “near-instant payment system” in November 2020, reported Reuters.

The new central bank’s platform PIX will allow quick payments by mobile and internet banking, as well as ATMs. New system is also expected to reduce costs of money transfers between Brazilians and businesses and reduce costs for society in general, by reducing the need for physical money.

The technology behind new system has not yet been disclosed, but the use of QR codes and address keys has been indicated. The general idea is to make it “as easy as chatting”, shared the director of the central bank’s Financial System and Resolution Organization Joao Manoel Pinho de Mello.

During the announcement, Roberto Campos Neto, the president of the Central Bank of Brazil, shared that new project is a response to cryptocurrency popularity:

“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”

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