Brazil has unveiled the name and logo of its Central Bank Digital Currency (CBDC) identity, a milestone in the development of the country’s digital currency. The CBDC, which is expected to launch in 2021, will be called “PIX” and will feature a logo with a stylized “X”.

The Central Bank of Brazil (BCB) has been working on the development of the CBDC since 2019, when it formed a working group to explore the potential of a digital currency. The BCB has since conducted several studies and consultations with stakeholders, including banks, fintechs, and other organizations.

The PIX is designed to be a fast, secure, and cost-effective payment system for both individuals and businesses. It will enable users to send and receive payments instantly, 24 hours a day, seven days a week. The PIX will also be integrated with existing payment systems, allowing users to make payments using their existing accounts.

The PIX will be based on blockchain technology, which is a secure and transparent digital ledger system that records transactions between two parties. This technology will ensure that all transactions are secure and verifiable. Additionally, the PIX will be supported by a network of nodes that will validate transactions and ensure that they are legitimate.

The BCB is also working on developing a digital identity system for the PIX, which will allow users to securely authenticate their identity when making payments. This system will use biometric data such as fingerprints and facial recognition to verify users’ identities.

The PIX is expected to revolutionize the way payments are made in Brazil. It will provide an efficient and secure way for individuals and businesses to make payments, while also reducing the cost of transactions. The PIX is also expected to create new opportunities for businesses and entrepreneurs in Brazil, as well as providing access to financial services for those who are currently underserved by traditional banking systems.

The launch of the PIX is an important step in the development of Brazil’s digital economy. The CBDC is expected to bring greater financial inclusion to the country, while also providing a secure and efficient payment system for individuals and businesses.