Latest Pix Management Report Presents Agenda for its Future Evolution (BCB)
Banco Central do Brasil (BCB) published an update on the main advances of the Pix ecosystem between 2023 and 2025, the results achieved by the instant payment system (IPS) and the prospects for its evolution in the coming years. Looking ahead, the BCB is discussing bilateral connections and participation in multilateral instant payment hubs. Existing models let Brazilians pay abroad and non-residents pay in Brazil through partnerships with foreign institutions and Pix QR codes, but Pix itself settles only the domestic real leg, with the corresponding foreign-currency transfer occurring later through conventional remittance rails. Connecting Pix to foreign IPSs via bilateral links and multilateral hubs could enable remittances and merchant payments with local-currency availability within seconds, while reducing fees, improving speed, access, and transparency. [BCB]
BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.
FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
