> The true scaling burden is on private banks not the BCB
Exactly. That is one of the aspects that allow for the system to be sovereign and scalable. Banco Central controls the core, and that's all it needs to.
This is good design. Descentralized, modern, resilient and efficient.
> Banco Central controls the core, and that's all it needs to. This is good design. Descentralized, modern, resilient and efficient.
I agree. But was that not the case before Pix/SPI? It really didn’t change the status quo.
The STR (transfer reserve system), which SPI is still fully dependent in practice btw, is decentralized, modern and efficient.
The biggest change here was scale and adoption by private banks and end users, not sovereign infra.