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Artificial Intelligence and Central Bank Digital Currency

Artificial Intelligence and Central Bank Digital Currency
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Author(s): Peterson K. Ozili (Central Bank of Nigeria, Nigeria)
Copyright: 2024
Pages: 9
Source title: Global Developments in Central Bank Digital Currency
Source Author(s)/Editor(s): Peterson K. Ozili (Central Bank of Nigeria, Nigeria)
DOI: 10.4018/979-8-3693-5588-6.ch008

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Abstract

The purpose of this article is to explore the role of artificial intelligence, or AI, in a central bank digital currency project and its challenges. Artificial intelligence is transforming the digital finance landscape. Central bank digital currency is also transforming the nature of central bank money. This study also suggests some considerations which central banks should be aware of when deploying artificial intelligence in their central bank digital currency project. The study concludes by acknowledging that artificial intelligence will continue to evolve, and its role in developing a sustainable CBDC will expand. While AI will be useful in many CBDC projects, ethical concerns will emerge about the use AI in a CBDC project. When such concerns arise, central banks should be prepared to have open discussions about how they are using, or intend to use, AI in their CBDC projects.

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