Central Bank of Brazil plans a revolution: super app combining artificial intelligence with digital currency

The Central Bank of Brazil Plans to Create a “Super App” Combining Artificial Intelligence with Central Bank Digital Currency

The Central Bank of Brazil has announced an ambitious project to create a “super app” that aims to revolutionize financial services by integrating artificial intelligence (AI) with the central bank’s digital currency named “Drex.”

Goals and Features of the Super App

The project aims to accelerate financial services by introducing instant payment methods, such as the popular Pix in Brazil. The app will also incorporate artificial intelligence technologies, similar to those used by OpenAI in their ChatGPT system.

It is planned that the super app will be completed by 2025 and will replace many separate banking apps with one comprehensive tool, offering personalized financial services tailored to users’ needs.

Benefits for Brazilian Citizens

The President of the Central Bank, Roberto Campos Neto, emphasized that the main goal of the super app is to increase access to financial services, enhance transaction security, and improve convenience for Brazilian residents. Through the integration of financial data and the use of artificial intelligence, the app is set to streamline daily financial management operations.

Reactions to the Drex Project

The Drex project, which involves the digital currency of the Central Bank of Brazil, has been well received by experts. An advisor to the Bank for International Settlements described the initiative as the most innovative in the region, distinguishing Brazil from other countries also considering the introduction of central bank digital currencies.

Experiments with Offline Payments

Brazil is conducting tests on offline payments using the digital currency Drex, allowing for seamless transactions even without internet access. This step aims to enhance the availability and reliability of digital payments, especially in less urbanized and remote areas of the country.

Regulations and Support for Artificial Intelligence

The integration of artificial intelligence in the super app will be closely regulated by legal frameworks currently under debate and discussion in the Brazilian Senate. Ensuring appropriate regulations aims to provide transparency, security, and data protection for users utilizing the new platform.

The introduction of the “super app” by the Central Bank of Brazil represents a step towards digitizing financial services, which is expected to bring numerous benefits to citizens, improving the convenience, availability, and security of financial operations. The innovative combination of artificial intelligence with the central bank’s digital currency may set new standards in the banking sector and showcase the possibilities of modern technologies in the financial realm to other countries.