Ruptly
"Brazilian President Luiz Inacio Lula da Silva rejected the Office of the United States Trade Representative (USTR)'s criticism of the instant payment system Pix during a speech in Salvador on Thursday. "Pix is from Brazil and nobody - nobody - is going to make us change Pix, because of the service it is providing to Brazilian society," Lula stated. "What we can do is improve Pix so that it can better meet the needs of the women and men of this country," he added. The USTR has raised concerns over Brazil's instant payment system Pix, citing complaints from US companies that allege the Central Bank of Brazil grants the platform preferential treatment that could disadvantage international digital payment providers. According to the document released by the department this week, the Brazilian monetary authority requires financial institutions with more than 500,000 clients to integrate Pix, a policy Washington argues creates an uneven competitive environment in the market. This comes after Washington launched an investigation last year into what it describes as 'potentially unfair' Brazilian trade practices. US officials have warned that measures under Section 301 - which allows for trade retaliation - could be considered if concerns are not addressed. In response, Brazil's Foreign Ministry defended Pix, stating that the system was designed to improve the efficiency and security of the country's financial system and does not affect foreign companies. Since its launch in November 2020, Pix has established itself as Brazil's main payment transfer method, reducing reliance on traditional banking transfer systems."
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