Brazil will maintain control of its instant payment system Pix as a public infrastructure operated by the Central Bank, said the bank’s president Gabriel Galipolo, citing its strategic role in the country’s financial system, Reuters reported.
The statement follows a US investigation launched in July into digital trade practices, including Pix’s impact on electronic payments.
Speaking in Rio de Janeiro, Galipolo said the Central Bank’s management of Pix ensures neutrality and security.
“The fact that Pix remains public infrastructure within the central bank turns it into a kind of highway where anyone can drive, as long as they follow the rules of the road,” he said.
Galipolo added that centralised oversight avoids conflicts of interest that would arise if a private entity managed the system. He noted Pix has brought millions of people into the formal financial system and indirectly increased the user base for other payment instruments like credit and debit cards.
Pix currently has 159mn individual users and 15mn business accounts, covering about 90% of Brazil’s population and companies.
Galipolo also called for legal reforms to strengthen the Central Bank’s ability to support innovations like Pix. While Congress considers a constitutional amendment to give it financial autonomy, the government has expressed opposition to the move.
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