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The Central Bank of Brazil is the independent institution in charge of managing the country's financial system. Its primary goal is to stabilize the value of the country's currency.
A fresh update to ChatGPT, the most recent edition, indicates how artificial intelligence (AI) could increase the use of Central Bank digital currencies (CBDC). Now, the Central Bank of Brazil has also hinted at the inclusion of AI.
You must be seeking information about Brazil's news, so see what's new in the Central Bank digital currency (CBDC).
Inclusion of AI in CBDC News
The Central Bank of Brazil has made references to integrating data monetizing and artificial intelligence (AI) into Drex. The president of the Central Bank of Brazil, Roberto Campos Neto, highlighted in the past few days that the bank's innovation strategy was divided into four blocks:
- Pix
- Drex
- Currency Internationalization
- Open Finance
While presenting AI and data monetization as future building blocks, he made hints about how these components might be integrated into the current technology framework in the future.
Although additional information has not yet been made public, the bank is currently setting up the Centre of Expertise for Statistics and Artificial Intelligence to use AI to increase the institution's output and effectiveness.
Idea of AI-Powered Super App
At the Blockchain Rio meeting, Roberto Campos Neto, President of the Central Bank, presented the idea. Neto emphasized the extensive research already done on cryptocurrency and electronic payments.
He underlined the importance of a single platform that improves Brazilian citizens' access to finance, security, and ease. In addition, he sees a time when a single, all-inclusive super app that compiles financial data and employs AI to provide individualized financial solutions will take the place of many different apps for banking.
Neto explained, “We considered what a financial marketplace might look like, as well as what a financial services integrator of the future would look like. We had already developed this, and it was shocking.”
Future Effects after Working on it
- Through the use of AI, the app may provide users with customized products and individualized financial guidance, increasing their financial power.
- The app's improved security features may boost usage, lowering scam rates and boosting consumer confidence in online transactions.
- The successful completion of Drex may act as a model for other countries investigating the inclusion of AI and CBDCs in financial services.
- Brazil's strategy can convince central banks and international financial institutions to implement comparable technology, enabling the development of a more complex global financial system.
- This change could improve GDP growth and stability, especially in areas that depend significantly on exports, such as Latin America and Africa.
