December 11, 2018 / 12:27 PM / 7 months ago

Cryptoassets should be 'outlawed' - Allianz GI CEO

FILE PHOTO: Andreas Utermann, speaks during the Reuters Global Investment Outlook 2013 Summit in London November 28, 2012. REUTERS/Benjamin Beavan

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 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.

Reporting by Marc Jones; Editing by Huw Jones and Matthew Mpoke Bigg

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