Pix will ‘end’ demand for Bitcoin says ‘Concrete’, president of the Central Bank of Brazil

For Roberto Campos Neto, president of the Central Bank, Pix will end Brazilians’ demand for Bitcoin and cryptomoedas as a form of payment

For the president of the Central Bank of Brazil, Roberto Campos Neto, the Pix, besides being a revolution for the national financial system it will still end the demand of Brazilians for Bitcoin and cryptomoedas, according to Nathalia Arcuri.

According to Campos Neto, or ‘Concrete’, as interviewer Nathalia Arcuri called it, Bitcoin and cryptomoedas showed that the world, increasingly connected and digital, needed a new payment instrument, “that was fast, cheap, transparent, safe and open.

Thus, starting from this point, Pix was developed to meet this new demand of the digital economy.

“We looked at what was happening in the world and we saw this demand for crypto, digital coins, stablecoins, we understood what people wanted. Why were people doing business with bitcoin? Because they demand a form of payment that is fast, cheap, transparent, safe and open”.

With Pix you don’t need Bitcoin

Therefore, for Campos Neto, as Pix is a system that has the same characteristics that drove the adoption of cryptoactives the demand of Brazilians for this type of asset will decrease.

“So we thought, what if in the whole world it would have a way that was cheap, instantaneous, transparent and open? People would have demand for some other kind of electronic money? The answer is probably no. You can substitute one product for another. The idea of Pix was precisely to supply this need,” he added.

During the interview Campos Neto pointed out other characteristics of Pix but did not approach that the system foresees the incorporation of a Central Bank Digital Currency (CBDC).

Pix and the end of the money

Answering a question made by Cointelegraph Campos Neto highlighted that the Central Bank’s intention is to replace the physical currency with a digital version and thus put an end to the Real notes in circulation in the country.

“Is it a digital currency only for exchange payments? No. It’s a digital currency that we understand will gradually extend and replace physical currency,” he said.

Campos Neto also stated that this does not mean that a CBDC will replace the Real 100% at once. Nevertheless, the idea is to digitalize the Real:

“We are advancing on the path of having a digital currency, of having a more digital process, this does not mean that it will replace the physical currency 100% at this time, this does not mean that there is an intention to do it in a different way, just for exchange or just for a product. No. The intention is to have a digital currency as a whole. It’s to have Real digitalized,” he said.