More and more high-profile offshore crypto exchange platforms are reportedly utilizing Brazil’s instant payments infrastructure, PIX. 

Specifically, May 28th saw OKEx disclosed details of a strategic alliance formed with local payments entity CuboPay, making it possible for OKEx to roll out Tether (USDT) purchases supporting features, in exchange for Brazilian real via PIX.

Similar initiatives have reportedly been made previously also, with Crypto.com peer-to-peer platform Localbitcoins. 

The integrations reportedly took place amid the time the Central Bank of Brazil (BCB) released preliminary guidelines focusing on a central bank digital currency (CBDC) publicly on May 25th. 

The announcement reportedly highlighted that the CBDC will function “as an extension of the physical currency”, with a goal to enhance the retail payment network, foster new business models, as well as reinforce Brazil’s participation in regional and international trade, via amping up the efficient level regarding cross-border transactions.

Extensive studies into a CBDC were legally greenlighted as included within the scope of a larger move from Brazil’s central bank, regarding the modernization of the nation’s payment sphere, including the release of PIX in November last year. 

The guidance was reportedly put together by a working group, formed to deep-dive into a CBDC in August 2020. The BCB has previously expressed its expectations to finalize the development of its CBDC by 2022. 

The president of the Central Bank of Brazil, Roberto Campos Neto, reportedly highlighted the role PIX plays in assisting its CBDC target, via offering “an instant payment system that is efficient and interoperable”, the BCB’s response to PIX being adopted by off-shore cryptocurrency exchanges remains to be seen.