The digitalization of means of payment: the Pix and Central Bank Digital Currencies in comparative perspective
DOI:
https://doi.org/10.5007/2175-8085.2021.e79020Abstract
Objective: This paper seeks to situate Pix, the digital instant payment system established by the Central Bank of Brazil in November 2020, in the global context of the advancement of the digitalization of means of payments in recent years. Such phenomenon manifests itself in the rapid spread of private platforms for online payments, in the emergence of thousands of decentralized cryptocurrencies such as bitcoin and in the recent proposal to institute the so-called Central Bank Digital Currencies (CBDCs). In this sense, we intend to contrast Pix with these currencies in order to identify their similarities and differences. Methods: This paper presents an introductory bibliographic analysis on the topic of digitalization of means of payment and then proceeds to develop a comparative analysis between Pix´s regulations and some CBDCs proposals. Results: The comparison reveals that, despite some similarities, Pix presents crucial and determining differences in relation to CBDCs. Thus, it cannot be considered one of them, even though its governmental origins implies that it is also not a mere online payment platform. Conclusions: Pix is a distinct and hybrid digital means of payment that combines functional features of online payments platforms with legal and political properties of a CBDC. In any case, its creation expresses the intention of the Central Bank of Brazil to ensure its political control over the process of digitalization of means of payments in Brazil.
KEYWORDS: Pix. Central Bank Digital Currencies. Central Bank of Brazil. Means of payment. Digitalization.
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