Cryptoassets should be 'outlawed': Allianz GI CEO
Reuters
Published Dec 11, 2018 10:49AM ET
Cryptoassets should be 'outlawed': Allianz GI CEO
By Marc Jones
LONDON (Reuters) - The head of one of Europe's largest asset managers has called for global regulators to ban cryptoassets, scorning them for wiping out people's savings.
After a spectacular boom in 2017, cryptocurrencies have fallen to earth this year. The best known one, Bitcoin, has lost three-quarters of its value while Ripple and Ethereum, the second and third biggest cryptocurrencies, have both slumped nearly 90 percent.
"You should outlaw it", Allianz (DE:ALVG) Global Investors Chief Executive Andreas Utermann said during a panel discussion in London on Tuesday.
"I am personally surprised that regulators haven't stepped in harder."
Utermann made the comments sitting next to Andrew Bailey, the head of Britain's Financial Conduct Authority. Bailey responded saying "that's quite strong actually!" before adding there was "no intrinsic value" in cryptoassets.
"We are watching that very closely." Authorities also had crypto coin offerings (ICOs), which firms have used as an alternative way to raise funding, under surveillence too, Bailey said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.