The Pound to South African Rand (GBP/ZAR) exchange rate dipped following news that the European Union (EU) had already drawn up no-deal Brexit contingency plans.
Furthermore, UK Foreign Minister, Dominic Raab, said that it was ‘unlikely’ that negotiations will extend beyond Sunday, sparking off concerns as the two sides struggle to find a consensus.
Mr Raab added:
‘We are rapidly approaching the point where we need some finality.’
Meanwhile the President of the European Commission, Ursula von der Leyen, said that a ‘fine balance of fairness’ had not been ‘achieved so far’.
As a result, GBP investors are becoming increasingly concerned that the UK could be headed for a chaotic exit from the EU on January 1st.
China Trials Its Central Bank Digital Currency And Could Introduce It As Early As 2021
China is leading the way in the adoption of central bank digital currencies.
If its trial is successful, China could roll out its DCEP next year. Sweden could also introduce its own digital currency in 2021.
Other central banks are likely to follow.
Cryptocurrencies are back in the news lately as Bitcoin hit a new all-time high in November and early December, finally exceeding the top made in December 2017. The fact it has recovered from the 2018 crash and rallied over 500% to new highs proves it is here to stay and more and more institutional investors and high-profile traders have been accumulating cryptocurrencies.