Today, the well-known cryptocurrency exchange OKEx officially announced the establishment of strategic partnership relationships with CuboPay, a local payment processor with extensive experience and excellent reputation in Brazil. Exchange users can now use Brazilian real (BRL) through PIX in exchange for Tether purchases ($ USDT).
PIX is an instant payment system created by the central bank of Brazil in response to competition for the use of cryptocurrencies in the country. PIX was officially launched in November of last year; Its instant payment system provides a 24-hour payment system with a 10-second speed capability through mobile apps, Internet banking, and ATMs.
Roberto Campos Neto, president of the Central Bank of Brazil, believes in the role of PIX in response to new digital payment systems such as cryptocurrencies. He said before:
“PIX arose from the need for people to have a payment instrument that was cheap, fast, transparent and secure.”
Central banks around the world are actively developing to promote their central bank digital currency (CBDC). The Central Bank of Brazil (BCB) has already joined this path and created a research team dedicated to evaluating the benefits of launching a digital currency format ‘Brazilian real’ ”last August.
BCB previously stated that the country has all the necessary implementations for a digital currency issuance to occur in 2022.
In addition to the OKEx exchange adopting Brazil’s official PIX payment system, several other digital currency trading platforms integrate Brazil’s PIX instant payment system, including Crypto.com and LocalBitcoins for the upcoming CBDC.
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