Odaily Planet Daily News The Bank for International Settlements (BIS) called on central banks to embrace artificial intelligence (AI) as the technology is expected to have a significant impact on the economy and financial system. In a pre-release chapter of the upcoming 2024 Annual Economic Report, the BIS emphasized that the widespread adoption of artificial intelligence could affect inflation trends and urged policymakers to incorporate artificial intelligence into their operations to enhance financial and price stability. Cecilia Skingsley, head of the BIS Innovation Center, said regulators are working with central bank partners to actively test the capabilities of artificial intelligence in various fields. For example, Project Aurora, which explores how to detect money laundering from payment data, and Project Raven, which uses artificial intelligence to enhance network resilience. The full BIS 2024 Annual Economic Report and 2023/24 Annual Report will be released on June 30. (CryptoSlate)
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BIS urges central banks to adopt AI to mitigate economic and financial risks
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