SAO PAULO, June 9 (Xinhua) -- U.S. criticism of Brazil's instant payment system Pix is driven by economic interests linked to major U.S. technology companies, Brazilian Finance Minister Dario Durigan said Tuesday.
In an interview with news outlet UOL, Durigan said the scrutiny of Pix -- a free payment system run by Brazil's central bank -- also involves geopolitical concerns related to Brazil's financial sovereignty.
He rejected the 25-percent U.S. tariffs on certain Brazilian products imposed by the U.S. administration, which has questioned Pix over its alleged impact on payment cards issued by U.S. companies.
Durigan said Pix has become a major symbol of Brazil's financial sovereignty.
He said any potential U.S. sanctions stemming from trade investigations would mainly affect financial institutions rather than the payment system itself.
Brazilian authorities have maintained contacts with the United States to provide information on issues under investigation, including environmental matters and Pix's impact on the digital payments market, Durigan said.
He added that the expansion of artificial intelligence and digital platforms has sparked global competition over payment systems and the monetization of technology services.
Brazil, he said, has a public, free and user-friendly alternative through Pix, developed by the central bank.
Launched by the Central Bank of Brazil in 2020, Pix has become the country's leading digital payment system used by millions of people and businesses for instant transfers and purchases at no cost to users. ■
