Full steam ahead on CBDCs in India and the UK

Published Feb 8, 2023
By Qredo Team

Qredo’s daily briefing gives you the visibility you need of the ever changing world of crypto to help you make the best decisions and reach your financial goals. 

Fueled by renewed interest in artificial intelligence brought about by ChatGPT, AI-based tokens have experienced big gains over the last few months. Tokens such as Artificial Liquid Intelligence (ALI), Fetch AI (FET) and Singularity Net (AGIX) are some of the biggest gainers, surging as much as 220%. This comes as Microsoft acquires ChatGPT to incorporate into their current search engine offering, Bing.

Central bank digital currencies, or CBDCs, have been a prime topic of discussion in India and the UK. While India is committed to launching the digital rupee by the end of this year, concerns and challenges have begun to arise early in their ongoing pilot run. In the UK, the digital pound, monikered the ‘Britcoin’ is set to launch in the next five years and has garnered mixed reactions from the population. Concerns include heightened monitoring of spending habits and control over the goods and services that brits will be allowed to spend their digital pounds on. Meanwhile, the UK government contends that this could be a necessary step to prevent “hoarding” and stimulate the internal economy.

As CBDCs continue to be a point of contention for many across the globe, Bitcoin reaches $23,400 once again following Fed Chair Jerome Powell’s mention of “disinflation” during his speech on Feb. 7. This came after Powell raised rates by 25 basis points the week prior in an effort to bring inflation back down, explaining that we still have a “long way to go.” Evenso, risk assets rallied into Wall Street’s close as the S&P ended the day having gained 1.3%.

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