FILE PHOTO: Allianz Global Investors' global chief information officer, Andreas Utermann, speaks during the Reuters Global Investment Outlook 2013 Summit in London

INTERNATIONAL – The head of one of Europe’s largest asset managers called for global regulators to ban crypto assets on Tuesday, scorning them for wiping out people’s savings.

“You should outlaw it”, Allianz Global Investors chief executive Andreas Utermann said during a panel discussion in London.

“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 crypto assets.

“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 surveillance too, Bailey said.

This past week,  Bitcoin registered its biggest monthly decline in more than seven years as investors reevaluate the prospects of digital money following last year’s euphoria.

The biggest cryptocurrency dropped 6.1 percent to $3 930 (R53 783.82) on Friday, bringing its monthly loss to 37 percent. That is the steepest drop since August 2011, when the token tumbled 39 percent to $8.20. Bitcoin surged to a record $19 511 in December 2017.

Reuters