The Central Bank of Brazil introduces the PIX button to dispute fraud cases that adds a function that Satoshi Nakamoto must have been against.
The Central Bank of Brazil has developed A new PIX service where fraudulent transactions can be disputed online.
The PIX users have the option of applying the so-called dispute button (which is called the Special Restund mechanism (Med), and is officially called the self-service option), via their bank via an app.
This is a tool aimed at fraud, scam and coercion, as well as making blocking and possibly reimbursement of money without human intervention.
The improved system is expected to improve the protection of transactions and speed up the freezing of resources when it comes to matters with fraud.
As soon as a competition has been submitted, the system immediately informs the bank’s bank to freeze the money.
The two banks then have a period of 7 days to investigate the claim and a maximum period of eleven days to give the victim a refund in the case of a confirmed fraud.
According to Breno Lobo, deputy head of the competition and market structure department at the Central Bank, the process improves the possibility of getting stolen money back in time.
However, the button does not apply to commercial disputes, errors or involvement of third parties that act in good faith.
A step against the vision of Satoshi?
This is a new function that is contrary to the original principles of the Bitcoin design of Satoshi Nakamoto.
The Whitepaper from Nakamoto (2008) emphasizes irreversible transactions in which no intervention of a third party is involved, reducing the aspect of trust and dispute settlement that is managed by third parties.
The PIX dispute button creates some reversibility and centralized intervention.
This can be considered the opposite of the non-reversible, pure and peer-to-peer transaction model as proposed by Nakamoto.
The characteristic indicates changing legal requirements and values ​​for consumer protection, but evokes philosophical issues in the Crypto Rijk.
The persistent pix -upgrades by the Central Bank of Brazil are an indication of attempts to find a balance between innovation and users’ security.
The relocation can again define the real -time payment tradition, but can also be questioned under the current discussion about decentralization and control in digital payment.
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