The idea is to replace transactions with cash or through bank transfers and debits of transactions between people. According to the Central Bank, instant payments will be made in a few seconds and will be available for 24 hours every day of the week.
The decision to develop the system will allow banks and fintechs to continue defining their business models for instant payment.
Like other central banks, the Brazilian central bank is the principal monetary authority of the country. It received this authority when it was founded by three different institutions: the Bureau of Currency and Credit, the Bank of Brazil, and the National Treasury. One of the main instruments of Brazils monetary policy is the Banco Central do Brasils overnight rate, called the SELIC rate. It is managed by Monetary Policy Committee of the bank.
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