RATE Group | Allianz Global Investors Chief Calls for Cryptocurrency Ban
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Allianz Global Investors Chief Calls for Cryptocurrency Ban

12 Dec Allianz Global Investors Chief Calls for Cryptocurrency Ban

Posted at 15:42h in Cryptocurrency News by

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Andreas Utermann, chief executive officer and global chief investment officer of Allianz Global Investors, has said cryptocurrencies should be banned by regulators.

According to a report from Reuters on Tuesday, Utermann was speaking during a panel discussion in London alongside Andrew Bailey, chief executive of U.K.’s Financial Conduct Authority (FCA).

He said, “You should outlaw [crypto assets],” because many have lost savings due to the significant slump in the crypto markets. “I am personally surprised that regulators haven’t stepped in harder.”

Bailey, who is also an executive director of the Bank of England, said that Utermann’s comments were “quite strong,” while adding that cryptocurrencies have “no intrinsic value.”

The central bank executive further said that regulators in the U.K. are “closely watching” developments in the crypto sector, including initial coin offerings or ICOs.

The crypto markets have seen a sharp decline in value…

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