While speaking at a panel discussion in London, CEO of Allianz Andreas Utermann urged market watchdogs to ‘’outlaw’’ cryptocurrencies and in today’s crypto news we read more about his opinions.
Utermann believed that a direct ban was actually preferable and he said to the regulators that they should outlaw cryptocurrencies by saying:
“I am personally surprised that regulators haven’t stepped in harder.”
He was especially addressing the head of Britain’s Financial Conduct Authority Andrew Bailey who was sitting right next to him at the panel discussion. Bailey noted that Utermann’s opinions were ‘’quite strong’’ but he did agree that cryptocurrencies don’t have intrinsic value. Bailey made sure that the FCA is watching closely and that they have the initial coin offering sector under surveillance.
Utermann’s stance doesn’t leave any room for negotiation but some of his colleagues at Allianz are more optimistic about the use of blockchain technology. The chief economist at Allianz Mohamed El-Erian said that he also doesn’t believe that cryptocurrency will ever be able to replace fiat money but they will become more widespread. He said:
“Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.”
El-Erian explained that crypto is not dead and the technology isn’t dead also. He is sure that we are about to see more widespread adoption by the private sector but also from the public one. El-Erian concluded that the last year’s frenzy was ‘’unwarranted’’.
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