Brazil to Launch AI-Powered CBDC Super App in 2025

Brazil's central bank, the Banco Central do Brasil, has announced its intention to build a “super app” known as “Drex” based on artificial intelligence (AI) and the country's central bank digital currency (CBDC).

In the year The initiative, which is targeted for completion by 2025, aims to streamline digital financial services. In particular, it plans to include faster payment methods like Pix and use AI technologies similar to OpenAI's ChatGPT.

AI-Powered Super application to lead financial inclusion in Brazil

Central Bank President Roberto Campos Neto outlined his vision for Blockchain Rio. Neto highlighted the in-depth analysis of cryptocurrencies and digital payments in the past.

He emphasized the need for a unified platform that promotes financial inclusion, security and convenience for Brazilian citizens. Additionally, he envisions a future where multiple banking apps will be replaced by one comprehensive super app that integrates financial information and offers personalized financial services.

“We designed this some time ago, thinking about what the future financial services aggregator will look like, and it was shocking, but we also thought about what the financial market place will look like,” Neto explained.

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The Super App is expected to consolidate various financial functions into a single platform. Therefore, it can reduce the need for many banking applications. According to Campos, this reinforcement will provide AI-enhanced data intelligence for users to provide a seamless and secure banking experience.

“I am excited to see the Central Bank of Brazil moving towards a “super app” that combines AI, Pix and Drex CBDC. This project will increase access to financial services to a wider audience, accelerate the speed of transactions, and promote the adoption of Web3 technologies. Running campaigns that highlight the app's benefits and security features is essential to drive widespread adoption. Rewarding early adopters and repeat users also encourages initial engagement and continued use by integrating the app into Brazilians' daily financial practices.

Separately, Italo Borsato, a consultant at the Bank for International Settlements (BIS), hailed Drex's initiative as the most forward-thinking in the region. Brazil stands out in the global CBDC sphere with its focus on transparency and public participation.

“Brazil has been the benchmark for central bank digital currency (CBDC). We see advanced projects in South Korea, Hong Kong and Singapore. But Brazil is very bold, with a realistic timeline,” Borsato said.

Recently, the Brazilian Senate delayed the vote on PL 2338/23, which aims to regulate AI devices in the country. This extension period will feature debates and discussions before any formal legislation is implemented. This regulatory framework will also be critical in shaping the implementation and integration of AI in the Super App.

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In parallel, the Central Bank of Brazil and Caixa Económica Federal are collaborating on advanced payment solutions. You are testing offline payments using Drex by enabling transactions without an internet connection. This initiative aims to facilitate financial transactions in remote areas, increasing the accessibility and reliability of digital payments.

According to local media, Banco do Brasil's Julierme de Souza described their offline payment solution as ‘symbolic money'. He emphasized that the devices, which work without an online connection, facilitate secure transfers between wallets. Overall, this initiative represents a significant step forward in pursuing full digital financial inclusion.