Today, the renowned cryptocurrency exchange OKX officially announced the establishment of a strategic partnership relationship with Cubope, a local payment processor with extensive experience and an excellent reputation in Brazil. Exchange users are now allowed to use Brazilian real (BRL) via PIX in exchange for Tether ($ USDT) purchases.

PIX is an accelerated payment system created by the Brazilian central bank in response to competition for the use of cryptocurrencies in the country. PIX was officially launched in November last year; Its instant payment system provides a 24-hour payment system with a 10-second speed capability via mobile apps, Internet banking and ATMs.

Roberto Campos, president of the Central Bank of Brazil, believes in the work of PIX in response to new digital payment systems such as Neto cryptocurrency. He said before that:

Central banks around the world are actively evolving to advance their central bank digital currency (CBDC). The Brazilian central bank (BCB) has already joined this track and established a research team dedicated to evaluating the benefits of introducing a digital format of ‘Brazilian real currency’ currency ‘last August.

The BCB has previously stated that the country has all the necessary implementations for issuing digital currency to be held in 2022.

In addition to the OKX exchange Brazil’s official payment system embraces PIX, several other digital currency trading platforms integrate Brazilian PIX instant payment systems including Crypto.com and LocalBitCoin for the upcoming CBDC.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.