I actually see it as quite worrysome. This would crowd out competition, but then... | Hacker News

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IG_Semmelweiss 85 days ago | parent | context | favorite | on: Brazil's Pix payment system faces pressure from Vi...

I actually see it as quite worrysome. This would crowd out competition, but then gives full monopoly of payments to the local government.

If you are say a political outcast, there's a single point of failure in getting debanked. Not good.

I do like processing fees down, but definitely not at the cost of creating a single point of failure with power over the entire population.

schubidubiduba 85 days ago [–]

Visa and Mastercard already are a single point of failure (see e.g. the French judge that cannot use it anymore because the US government did not like it when he did his job). This way, there'll be at least two points of failure.

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