The Central Bank of Brazil made some waves last week with its new instant payment system. While not blockchain-based, the new system, dubbed PIX, nevertheless is imbued with some of blockchain’s core attributes.
Money transfers have historically been slow, cumbersome and expensive. For example, Bank A takes its fee when a payment is sent and Bank B also charges its fee when the payment is received. More intermediaries mean additional fees and sometimes more delays.
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Source: Cryptocurrency - investing.com
