European insurance behemoth's CEO asserts that cryptoassets should be banned

Andreas Utermann, the chief executive officer and chief investment officer of Allianz Global Investors, an investment subsidiary of the $80 billion German insurance company Allianz SE, said that regulators should ban cryptocurrencies reported Reuters. "You should outlaw it," said the $530+ billion asset manager's CEO during a panel in London. Next to Utermann was the head of Britain's Financial Conduct Authority, Andrew Baily, who responded "that's quite strong actually!" before saying that cryptoassets have "no intrinsic value."