With less than six months to launch, the PIX instant payment system is at risk of being paralyzed. The alert was given by economist Miriam Leitão in your blog in the newspaper O Globo.
According to the economist, the reason would be spending cuts proposed by the government. The measure is necessary to avoid disrespecting the spending ceiling and, thus, not blowing the budget.
Spending ceiling may affect PIX
The budget that was sent by Congress received a series of criticisms from economists and the financial market. In the face of negative repercussions, the government seeks to make cuts and make the budget more “realistic”.
However, Leitão warns that the technology area of the Central Bank (Bacen) may have its entire budget cut. And it is precisely this area that keeps the PIX running.
“The budget cuts all money from the Central Bank’s technology area. It’s zeroed out. If this expense is not reconstituted, there is no way to run the PIX. This new payment system that boosted transactions in real time in Brazil will have to stop ”, said the economist.
Launched in November 2020, the PIX is maintained by the Central Bank. This is a difference from the TED and DOC, which are maintained by bank systems.
Shutdown would interrupt PIX success
If there is such a stoppage, it would be a serious blow to the system, which has been successful among Brazilians. At least 81% of Brazilians who have used PIX are satisfied with the system.
It allows for instant transactions, 24 hours a day, seven days a week. In addition, the cost of PIX is free for most users. This makes the banking system more accessible and competitive.
However, sources heard by Cointelegraph Brasil stated that the possibility of the tool stopping is remote. In addition, PIX is not completely free, which would give you room to get financing and maintain the system.
“PIX already accounts for more than 60% of all transactions made by Brazilians. Therefore, a possible stoppage due to lack of funds is completely ruled out. This is nothing more than speculation and those who do not know about the public budget, much less the PIX ”, said a source from Bacen.
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