Brazil’s Central Bank Governor Roberto Campos Neto believes that the inclusion of artificial intelligence in the country’s central bank digital currency (CBDC) will improve its technological structure and allow it to adapt to new financial trends.
However, the central bank needs to overcome obstacles such as the privacy of user data and the technical complexity of integrating AI. By solving these problems, a CBDC like Drex can gain public trust, the central bank governor said.
“The introduction of AI into the central bank’s digital currency will help transform the Brazilian banking sector, increasing the speed and security of transactions. The project’s participants will closely monitor how the testing is going and how the initiative can affect the economy,” said Roberto Campos Neto.
Last year, the Bank of Brazil formed a consortium to test its CBDC, which included major companies Mercado Bitcoin, MasterCard, Genial, Cerc and financial software developer Sinqia. The central bank governor recently said that it is difficult for central banks to simultaneously ensure that a CBDC is decentralized, programmable and private.
Source: Bits
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