Brazil’s Central Bank to Launch Near-Instant Payments as a Response to Cryptocurrencies

Called PIX, the project from the country’s central bank will provide 24/7 payments in up to 10 seconds via mobile apps, internet banking and ATMs, according to reports from Reuters and local crypto news site Livecoins on Wednesday.

Slated for launch on Nov. 10, 2020, PIX is aimed to speed up and reduce the costs of fiat transfers between individuals and businesses.