Earlier quoted context omitted.
> Cryptocurrencies don't stand a chance. Does it work internationally? Does it send USD as well, or only the real? If it solves th same problems, why is Brazil considering banning self-custodial USD stablecoins? And why has there been an ongoing discussion about launching mBRL, and stablecoin pegged to the real? https://www.pymnts.com/cryptocurrency/2024/brazil-considers-...
Nearly every non-western country has it's own e-cash type system. Everything from m-pesa in Kenya to Gcash in the Philippines to PromptPay in Thailand to Alipay in China to SGQR in Singapore to MPay in Oman.... The pattern is that these systems are nearly all fully centralised, require ID, zero privacy, usually government sanctioned, and not cross border.
Brazil's government-run payments system has become dominant
351–360 of 789 posts
Re: Brazil's government-run payments system has become dominant
#352Earlier quoted context omitted.
> I've even had homeless people ask me for Pix instead of change on multiple occasions. Sounds like WeChat Pay. It's been years now that beggars in China only carry QR codes. > Cryptocurrencies don't stand a chance. They solve a different problem or have the potential to: predictable/unbiased money issuance and on/off ramp for payment platforms.
I wish the homeless in London did this, I'd happily give a few pounds here and there if it were easy to. Back when I had cash on me at all times, I would think nothing of it, just toss a coin. Now in our cashless society, I found myself at a loss to do anything about the people suffering in front of me
Re: Brazil's government-run payments system has become dominant
#353Earlier quoted context omitted.
> Cryptocurrencies don't stand a chance. Does it work internationally? Does it send USD as well, or only the real? If it solves th same problems, why is Brazil considering banning self-custodial USD stablecoins? And why has there been an ongoing discussion about launching mBRL, and stablecoin pegged to the real? https://www.pymnts.com/cryptocurrency/2024/brazil-considers-...
>Does it work internationally? Does crypto? You may have heard of this thing called "tariffs" lately. Even purchases of software licenses are tariffed in Brazil[1]. The average person purchasing goods with crypto is just going to ignore this and several similar laws. If you say crypto works to transact internationally, keep in mind: so does TF2 hats. 1: https://www.machadoassociados.com.br/en/2021/05/brazilian-fe...
Re: Brazil's government-run payments system has become dominant
#354I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
> Cryptocurrencies don't stand a chance.
Yeah, if you enjoy having your money one hundred percent controlled by the brazilian government. I can't think of a more frightening proposition. You do realize this is the country that once suddenly confiscated everybody's money directly from their bank accounts, right?
Why did they do that? Runaway inflation. Just like its fellow latin american neighbors, Brazil has mismanaged all of its currencies and it will inflate the real to zero just like all the others, it's merely a matter of time. Just look at the country's economic situation. BRL is an absolute garbage currency. Why would you even want to hold onto this crap? You're better off holding USD if you can. You're better off holding real property if you've got the capital. You're better off holding bitcoins.
Cryptocurrency? They're basically the light at the end of the tunnel. You say you've lived here 20 years. Surely you know that judges are basically gods in this country. And we have judges admitting in writing that it's essentially impossible for them to seize or in any way touch your bitcoins without your secret keys. Do you seriously believe they have no chance? In this place? They're basically the solution to nearly every single problem in the "government is stupid" category.
Surely you know that the brazilian government sucks at pretty much everything except taxing you. And you're advocating for a system that essentially implements nation wide financial surveillance. Because our number one priority is to make taxation of an already heavily taxed people even more efficient, right? So that the politicians and judge kings can enjoy their world tours on tax payer money?
Pix is very convenient. That's all it is, and unfortunately that's all it needs to be to win the hearts of people. People won't be smiling after the government starts blocking their Pix keys for arbitrary reasons, preventing them from participating in society.
Re: Brazil's government-run payments system has become dominant
#355Earlier quoted context omitted.
I'd hate to see a system like that where I live, because the government will abuse it. We've already seen Canada freeze bank accounts of protestors, and US officials put protestors on the no fly list.
This doesn't make sense as a prioritization. Oh no, my government might be run by nazis -> Let's make the government services crap The nazis don't need to use your crap government services, so you're just pointlessly making things worse, this is the same delusion as "But it's illegal". Why on Earth would crooks care whether what they're doing is legal? I suggest: Oh no, my government might be run by nazis -> Ensure t…
Re: Brazil's government-run payments system has become dominant
#356As a foreigner that visited Brazil for some weeks, I found the ubiquity of the PIX payment system to be a handicap for tourists visiting the country. PIX is only for locals as you need to register with a CPF (Brazil ID number which is hard and tedious to get as a tourist). I ran into many scenarios where the only option was to pay with PIX and the staff aren't used to tourists and look at you funny when you explain y…
Re: Brazil's government-run payments system has become dominant
#357I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
Re: Brazil's government-run payments system has become dominant
#358I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…
What about tax evading people? Is the system used to tax audit people?
Re: Brazil's government-run payments system has become dominant
#359Despite a global move towards a cashless society, 54% of Brazilians now opt for cash withdrawals.¹ 2024 has seen a surprising reversal, as cash usage makes an unexpected comeback , defying predictions that the world was moving toward a cashless society. With rising cybersecurity threats, concerns over financial privacy, and economic instability, consumers and businesses are increasingly turning back to physical curre…
I keep a few bills in my wallet, but I hardly ever carry it around. Everybody accepts cards and Pix. Even beggars on the street use pix. If I revert back to using public transport I will probably have a use for cash, but that's the only situation I can think of where it would make sense.
some buses in the surburbs of big cities only accept cards nowadays and you can recharge it online in 3 minutes (ofc if you are a citizen... brazilian goverment websites is a huge UX pile of shit; police, mail etc.)
Re: Brazil's government-run payments system has become dominant
#360I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…
I'd prefer a constitutional mandate or guarantee that this can't happen. Without it this is a noose. A convenient noose with lots of nice properties but a noose none the less.