Fed rate meeting coming, cryptocurrency trend may be affected

Supreme Prosecutor: Punish virtual currencies and other crimes in accordance with the law, prosecution of money laundering crimes rose 78.5% year-on-year

March 8, according to Xinhua News Agency, the Supreme People's Procuratorate Procurator General Zhang Jun made a report on the work of the Supreme Procuratorate at the fifth session of the 13th National People's Congress. The contents include: punishing new financial crimes involving virtual currencies, online lending platforms, etc. according to law. In collaboration with the People's Bank of China, it released typical cases and prosecuted 1,262 people for money laundering crimes, up 78.5% year-on-year.

[Weekly Investment Research Views Summary

The CEO of DBS Bank said private digital currencies like Bitcoin will become a meaningful store of value, similar to gold. He also admits that cryptocurrencies are unlikely to replace state-backed fiat currencies due to the reluctance of regulators as well as politicians to relinquish control over monetary policy as well as economic management tools.