There has been several reports and rumours making rounds that major centralised financial authorities around the world are not genuinely happy with cryptocurrency and they are quite ready to sabotage the growth of the blockchain industry. This was confirmed in a statement coming from the chief executive officer of Allianz Global— Andreas Utermann at a recent panel discussion held in London, where he made it clear that he wants global regulators to “outlaw” crypto assets.
CEO of Allianz Global Investors
The CEO of Allianz Global Investors, a major asset manager in Europe has called on global regulator to banned cryptocurrency in all its form and use case. Andreas reportedly told the panel that they should outlaw cryptocurrencies.
It was further reported that Andreas is quite surprised that regulators have not taken drastic measures against the spread of cryptocurrency by now. He told regulator that he was “personally surprised regulators haven’t stepped in harder”. He also gave the fact that people are losing their money in the crypto market as a significant reference point to why cryptos should be banned globally.
Fortunately, some other top ranking and influential personality in the financial industry did not agree with his comments as regard banning cryptocurrency. One notable person is Andrew Bailey, the head of the UK’s Financial Conduct Authority (FCA).
Bailey commented that Andreas’ comments were “quite strong actually.”.
The FCA and SEC
The head of FCA who was once the Deputy Governor of the Bank of England from April 2013 to July 2016, also commented that as it is now, cryptos does not have a real value, at least not officially. So as a result of this, there is very little they can do about banning the cion. However, FCA is well grounded when it comes to providing an adequate oversight and close monitoring of initial coin offerings (ICOs).
The UK FCA is no the only Agency monitoring ICOs with keen interest recently. The U.S SEC has also issued some cease and desist order against several crypto related companies in recent time.