Contrary to Bolsonaro, BC president says it is not true that banks lost money with Pix

President of the BC (Central Bank), Roberto Campos Neto said this Thursday (11) that banks have not lost money due to the growth of Pix’s adhesion in the Brazilian market.

“It is not true that banks lose money with Pix”, stated Campos Neto, during participation in the Febraban Tech event, in São Paulo, organized by the entity that represents the financial institutions.

President Jair Bolsonaro (PL) criticized the banks’ adherence to the manifestos in defense of democracy, with the argument that the creation of Pix and an eventual loss of revenue due to the digital tool would have motivated financial institutions to join the movement.

“You can see, this business of letters to Brazilians, to democracy, the bankers are sponsoring. It’s the Pix that I hit them with, the digital banks that we facilitate,” the president told supporters in late July.

According to Campos Neto, the loss of income from transfers suffered by banks with Pix is ​​offset by the opening of new accounts and the very increase in transactions within the financial system.

In addition, the withdrawal of physical money from circulation with the evolution of Pix in the market also contributes to banks being able to reduce their expenses, added the president of the BC.

“Our vision is not about who is losing and who is winning. [os bancos] have a smaller piece of a much larger pie. We are already seeing this in the financial system. We want to bankroll, we want competition with inclusion,” said Campos Neto, adding that the BC should publish a study in the coming months that will show the impact of Pix’s development in the market for bank revenues.

He also stated that the economy is moving towards a tokenization process (in reference to tokens, cryptoassets backed by real assets) on a global scale, and that the monetary authority plans to start further integrating the new technology fronts launched. in recent years, such as Pix and Open Finance.

“We are entering a very interesting technology phase, where you start to put together the pieces that were very loose.”

This process, he said, will culminate in the launch of a digital currency structured by the BC itself, which should start circulating on the market in mid-2023, according to the autarchy’s schedule.
“People are looking for digital representations of something that has value,” said Campos Neto. “We are rapidly moving towards a tokenized world.”