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September 20, 2023

On the web

September 15, 2023

On the web

August 30, 2023

On the wires

Privacy, Market Maturity Hurdles Facing Brazil's CBDC [DREX] Rollout

Reuters

"Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February."

August 16, 2023

On the wires

August 15, 2023

On the web

August 10, 2023

On the web

August 8, 2023

On the web

July 24, 2023

On the web

July 20, 2023

On the web

Lessons Learned From Brazil's PIX for US FedNow Program [Video]

Bank Info Security

"Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, Carlos Kazuo Missao, head of innovation in the Americas at GFT, shares his experience with PIX and some important lessons U.S. banks can learn from Brazil."

July 17, 2023

On the web

June 22, 2023

On the web

June 15, 2023

On the web

'Super App' is Being Implemented, says BC President

Finsiders

"The Central Bank (BC) is designing a 'super app' to bring together, in an integrated manner, all financial products and services. The project is in the “initial phase of implementation”, revealed Roberto Campos Neto, president of the organ, in an event promoted yesterday (12) by the Institute for the Development of Retail (IDV) ."

June 14, 2023

On the web

On the wires

June 13, 2023

On the web

June 1, 2023

On the web

May 26, 2023

On the web

May 19, 2023

On the wires

As Financial Institutions and Service Providers Prepare for FedNow, Matera Provides Glimpse of the Future of Instant Payments

Business Wire

Matera, maker of world-class instant payment and QR code technology for financial institutions, today released a special report detailing adoption of Brazil’s highly successful Pix system of instant payments. Pix by the Numbers provides key insights for U.S. financial institutions (FIs) as they prepare for the impending FedNow launch in July.

May 15, 2023

On the web

Financial Regulators Take Mercado Pago Back to Earth After its Tear Through Latin America

Insider Intelligence

"Mercado Libre, the Argentinian ecommerce empire, says it will invest billions of dollars into its Brazilian business in 2023. Much of that investment will go to Mercado Pago, its fintech business, which has been increasing its reach in financial services. In 2022, Mercado Libre’s fintech operations, which include Mercado Pago, accounted for 44.9% of the company’s net revenues of $10.54 billion. The background: Expansion throughout Latin America in banking and payments, which includes the rollout or growth of savings, investment, and consumer credit products, is core to the company’s strategy."

May 11, 2023

On the web

Brazil’s Central Bank Allows Firms to Participate in Digital Real CBDC Pilot

CoinGeek

"Brazil’s central bank has officially launched its central bank digital currency (CBDC) pilot, allowing financial institutions to propose new projects for the pilot. Banco Central do Brasil announced that it would select 10 commercial banks meeting specific criteria for the CBDC pilot. The banking regulator disclosed that in the second stage, participating institutions would be increased to up to 20."

May 9, 2023

On the wires

May 4, 2023

On the web

April 26, 2023

On the wires

April 14, 2023

On the web

Central Bank’s Pix Gains Ground Against Debit Cards in Online Shopping

Valor International

"At a time when the payments industry is discussing changes to boost the use of debit cards for online shopping, the Central Bank’s instant-payment system Pix has reached an all-time high as more online stores accept it, while debit cards have lost ground, according to a new study by consultancy Gmattos. The study shows that 93.2% of Brazil’s largest online stores accept Pix."

March 31, 2023

On the web

Brazil Meal Payments Overhaul Delayed by Central Bank Standoff

Reuters

"Fresh competition in Brazil's lucrative meal voucher market must wait, according to people familiar with discussions between the Finance Ministry and central bank, which disagree about how to regulate a new system in time for its scheduled launch in May. A law passed in September under former President Jair Bolsonaro allows workers to move their meal credit between providers and spend it at any participating restaurant. But under new President Luiz Inacio Lula da Silva, government efforts to regulate such a "portable" and "interoperable" system have stalled."

March 6, 2023

On the wires

Brazil Announces Pilot for Digital Currency Seeking to Leverage Financial Services

PR Newswire

"Brazil's central bank announced the start of a digital currency pilot project on Monday, aiming to replicate the success of its instant payment system Pix to popularize financial services in the country. According to Fabio Araujo, coordinator of the initiative at the bank, the public use of the digital currency should begin at the end of 2024, after the completion of the testing phase - which will include buying and selling of federal public bonds among individuals - and its subsequent evaluation."

March 3, 2023

On the wires

Brazil Central Bank Greenlights Meta's WhatsApp Merchant Payment System

Reuters

"Brazil's central bank on Thursday approved Meta Platforms' payments launch for small and medium-sized business in Brazil via its messaging application WhatsApp, building on the app's existing local peer-to-peer payment system. The approval comes as Meta seeks to use the Brazilian market as a key test space for business messaging, an area that has assumed greater urgency as Meta's core advertising business has stalled."

December 23, 2022

On the web

Brazil Legalizes Crypto Payments, ‘Setting the Stage for Greater Bitcoin Adoption’

Cryptonews

“The President of Brazil Jair Bolsonaro signed a bill making bitcoin (BTC) and other cryptoassets a legal and regulated payment option in the country – and this move, an expert says, “sets the stage for greater bitcoin adoption.” Bolsonaro signed a bill into law that established the country’s official and complete framework for the trading and use of “virtual currencies” in Brazil, per the federal government’s official journal. The bill, previously approved by Congress, was signed on Wednesday and published on Thursday.”

December 14, 2022

On the wires

Brazil Central Bank to Launch its Digital Currency in 2024

Reuters

“Brazil’s central bank aims to launch its digital currency in 2024 after a closed pilot program next year with financial institutions, bank president Roberto Campos Neto said on Tuesday, adding that the project had received international attention. Speaking at an event hosted by the news website Poder 360, Campos Neto said the design of the central bank’s digital currency would encourage banks to tokenize their assets, with considerable efficiency gains.”

November 30, 2022

On the web

Brazil Approves Bill Regulating Use of Bitcoin as Payment

Bitcoin Magazine

“Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country. Voted on Tuesday evening in Brasilia, the country’s capital, the new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation. The bill applies broadly to a sector which it calls “virtual assets,” and now only needs the President’s signature before it becomes law. It does not make bitcoin or any cryptocurrency a legal tender in the country. The bill tasks the executive branch with selecting government bodies to oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation.”

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