Crypto.com, LocalBitcoins, and OKEx have now all managed to integrate themselves with Brazil’s own instant payments system and infrastructure (PIX).
More and more offshore crypto exchanges are now widely accepting PIX, with OKEx announcing earlier today that a strategic alliance had been formed with CuboPay, which will enable it to successfully facilitate USDT (Tether) based purchases as well.
In related news, continued development and progress are being made towards successfully launching Brazil’s own central bank digital currency (CBDC), and we can expect further updates on this in the near future.
Widespread PIX adoption
Much like OKEx, both Localbitcoins, as well as Crypto.com have also both decided to join in on adopting the PIX payments system. Interestingly enough, this news also coincides with the Brazilian CBDC’s preliminary guidelines being published by the BCB (Brazil’s Central Bank) a few days ago on the 25th of May 2021.
In related news, it had been during June of last year that the BCB had also suspended Whatsapp Pay as part of an investigation into the various risks and threats associated with it as far as the payments sector’s competitive ecosystem was concerned. The suspension had also interestingly come just a few months following the BCB’s revelation that PIX had been employed as a sort of response for the ever-increasing popularity and demand of cryptocurrency assets.
Moreover, Whatsapp Pay had only been allowed to resume its functionality in Brazil earlier on in the month. However, a possible crackdown on PIX’s utilization of being employed as a way to access the crypto assets may still occur.
As per Brazilian authorities and officials, the CBDC shall function as a sort of extension for the already pre-existing physical national currency. It will also be used to enhance retail payments, as well as improve new business models and lastly, boost the country’s participation in both regional as well as global trade activities via the increased and improved effectiveness of various cross-border-based transactions.
Furthermore, research into the possibility of potentially implementing a CBDC in Brazil had been authorized by the BCB as part of a bigger move towards modernizing the nation’s own payments sector. As far as the deadline goes, the BCB is hopeful that the CBDC can be fully developed latest by 2022.
Lastly, BCB has yet to make an official response to the fact that PIX has now been officially adopted by the various abovementioned crypto exchanges.