OKEx Allows Traders to Purchase Tether through Brazilian Reals via PIX

Today, the well-known cryptocurrency exchange OKEx officially announced establishing strategic partnership relations with CuboPay, a local payment processor with extensive experience and an excellent reputation in Brazil. Exchange users are now allowed to use Brazilian real (BRL) through PIX in exchange for Tether ($USDT) purchases.

PIX is an instant payment system created by the central bank of brazil in response to the 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 speed capacity of 10 seconds via mobile apps, internet banking, and ATMs.

Roberto Campos Neto, President of the Central Bank of Brazil, believes in the function of PIX in response to new digital payment systems such as cryptocurrencies. He stated that before：

“PIX came from a need for people to have a payment instrument that is both cheap, fast, transparent and secure,"

Central banks worldwide are actively developing to advance their Central Bank Digital Currency (CBDC). The Central Bank of Brazil (BCB) has already joined this track and set up a research team dedicated to evaluating the benefits of launching a digital format of 'Brazil real' currency" last August.

BCB previously stated that the country has all the necessary implementations for a digital currency issuance to happen in 2022.

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

Image source: Shutterstock