Japan proposes that stablecoin issuers be limited to banks and wire transfer firms
Pakistan's Federal Investigation Agency (FIA) has frozen bank accounts in the names of 1,064 people. On Wednesday, the Pakistan Observer reported that the law enforcement authority acted on demand from the Cyber Crime Reporting Centre (CCRC) in Islamabad.
Officials believe the accounts were used to handle transactions worth a total of 51 million Pakistani rupees (about $288,000) between individuals and several cryptocurrency exchanges, including well-known sites like Binance, Coinbase, and Coinmama.
According to the publication, the agency has also disabled their credit cards, which they used to acquire and trade digital currency. It also reminded citizens that in April 2018, the State Bank of Pakistan (SBP) issued a circular prohibiting the acquisition and trade of cryptocurrencies through its Banking Policy and Regulation Department.
Despite the ban, cryptocurrency such as bitcoin has grown in favor among investors in the country. Pakistanis own $20 billion worth of cryptocurrencies, according to a recent survey published by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
According to the "Shark Tank" star, clearer regulations around stablecoins might make crypto a more feasible investment option.
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Kevin O'Leary, aka "Mr. Wonderful," from Shark Tank, has stated that he would be willing to expand his crypto allocations to 20% as soon as stablecoin regulations are clarified.
Formerly a skeptic of Bitcoin (BTC), O'Leary is now an outspoken supporter of cryptocurrency, accounting for over 10% of his investment portfolio.
Mr. Wonderful is particularly interested in stablecoins tethered to the US dollar, which he views as a good way to protect against growing inflation. He pointed out that staking stablecoins can yield up to 6% returns. He told Cointelegraph :
"If inflation is 6%, your purchasing power will be 6% lower 12 months from now." That's a lot of information. […] I'm a big supporter of using stablecoin to solve this problem."
O'Leary would be able to convert huge cash positions into stablecoins if there was a clear regulatory framework in place. However, due to legal restrictions, he can now not invest more than 5% of his assets in stablecoins.
"My own compliance department considers stablecoins to be an equity, much like a stock," he explained.
Many investment firms, according to O'Leary, are excited about stablecoins and are "working on it quietly in the background" while waiting for regulators to act.
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