Allianz Chief on crypto: "You should outlaw it"

12 Dec, 2018
by David Robb
Regulation
Allianz Chief on crypto: You should outlaw it

The chief executive of Allianz Global Investors recently expressed some strong words on cryptocurrencies, as reported by Reuters. Speaking about crypto to a panel of regulators in London, Andreas Utermann said "You should outlaw it".

Headquartered in Munich, Allianz is one of the largest investment firms in Europe, with a revenue of over 126.1 billion last year. Back in June, one of the firm's chief economists appeared on CNBC to claim that Bitcoin was a worthwhile investment, although it would likely never function as an actual currency.

Read more: Bitcoin is a buy says allianz chief economist El-Erian

Utermann shared his thoughts at a panel discussion, sitting alongside Andrew Bailey, the head of Britain’s Financial Conduct Authority (FCA). The Allianz chief said that he was "surprised that regulators haven’t stepped in harder", as the state of the crypto market has caused such huge losses for so many investors.

Bailey responded to the call for an outright ban by saying "that’s quite strong actually!", although he did admit that cryptos had no intrinsic value, and that the FCA were watching the market "very closely", and also had an eye on ICOs.

Read more: Head of UK's main financial authority suggests balance in regulating crypto

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