> But unlike India, where UPI is run by an industry body, Pix is managed entirely by the BCB.... the BCB alone runs Pix’s infrastructure and controls the encrypted database that stores all transactions.... This concentration of power in a central bank is unusual, and has led to criticism. “Now we live in a democracy, but imagine if this existed under an autocracy and all your information was available to the government,” says the head of one prominent fintech company. He thinks citizens in richer countries would balk at the government having Pix’s level of access to all financial transactions. Also, if the system is ever hacked or breaks down, the fallout would be greater than if a single bank were attacked.
(Just looking at the privacy aspect) For something like Pix to have a chance at long term success in the US, there'd have to be unambiguous regulation absolutely prohibiting access by the government to transaction information that could be tied to a person. Preferably, it would be technically impossible to tie a transaction to a person/entity without going to the bank that facilitated the transaction and a warrant signed by a judge.
10 years down the road:
IRS: "if we could look at that, it'd be great..."
Police/FBI/NSA: "think of the children..."
etc.