The head of one of Europe’s largest asset managers, Allianz Global, has called for global regulators to “outlaw” crypto assets. The outburst from CEO Andreas Utermann came during a panel discussion in London.
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Cryptocurrencies Have “Wiped out People’s Savings”
Allianz Global Investors chief Andreas Utermann called for cryptocurrencies to be banned on Tuesday during a panel discussion. “You should outlaw it,” he is reported to have told regulators.
Utermann, who previously worked at Merrill Lynch Investment Managers, went on to say that he was “personally surprised regulators haven’t stepped in harder” and that cryptocurrencies had wiped out people’s savings, Reuters reported. Sitting beside him at the panel discussion was Andrew Bailey, the head of the UK’s Financial Conduct Authority (FCA), who said his comments were “quite strong actually.” Bailey, who served as the Deputy Governor of the Bank of England from April 2013 to July 2016, then went on to add that cryptocurrencies have “no intrinsic value.”
He added that the authorities were keeping a close eye on initial coin offerings (ICOs). An October report revealed that hundreds of startups are being “secretly” targeted by the U.S. Securities and Exchange Commission for their involvement with initial coin offerings.