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Here in Brazil, we have that since last month. The new money transfer system (Pix) allows anyone to send money to a key, which can be a person's CPF (the tax ID
by cesarb 6y ago
Here in Brazil, we have that since last month. The new money transfer system (Pix) allows anyone to send money to a key, which can be a person's CPF (the tax ID number nearly everyone has), a phone number, an email, or a randomly-generated number. These all map to a bank account (you can also use Pix to send directly to a bank account number); the directory with these mappings is kept by the Brazilian Central Bank, and the mappings are inserted by the participating financial institutions.
So assuming my email was something@example.com, and I had asked my bank to map the Pix key "something@example.com" to my bank account, anyone could "send cash" through Pix to my something@example.com email; the cash would arrive at my bank account nearly instantly (even during weekends and/or holidays).
- Kinrany 6y agoFrom this description it sounds like just name resolution that still uses the regular banking system.
- cesarb 6y agoThe name resolution is just part of it (though the most visible part); there's also a new message exchange protocol, over the national inter-bank network, which does the instant transfers (before this new protocol, inter-bank transfers were only instant during banking hours, not on nights/weekends/holidays).
- bigphishy 6y agoFascinating, this is the first time I've heard of Pix. Can you own the private key? Can you create an account without having a bank account?
- ignoramous 6y agoCan't talk for Pix, but UPI, a similar system implemented by Indian banks, wouldn't accept "private keys" or not having a bank account. No international payments either. UPI is more like venmo on steroids, but it is no crypto-currency replacement. https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface
- luizparreira 6y agoNo, PIX is directly tied to your Bank Account. You need to have a bank account opened with an institution that connects your account to PIX.
- biolurker1 6y agoCan you get banned from Pix?
- luizparreira 6y agoThats a good question. PIX is directly tied to your bank account, so I imagine if your bank decides to ban your account, you won't be able to use PIX through that account/bank anymore. But, I suppose you could open another account in another bank, move your previous PIX keys to it or create new ones.
- biolurker1 6y agoNot how it works.. One banks bans you and you are screwed for life. That's the value proposition of bitcoin
- luizparreira 6y agoOh, didn't know that. Can you point out where it says that? From what I understand of PIX, it is tied to your transactional bank account. If you have multiple bank accounts and you are banned by one bank, your account on the other banks are not automatically banned and you can still transact with it, I would imagine PIX would still work.