“Speaking on Tuesday at a panel discussion in London, Andreas Utermann, CEO of Allianz — one of Europe’s largest asset managers — called for markets watchdogs to pursue a scorched earth approach to cryptocurrency regulation, stating that an outright ban was preferable to the “light-touch” frameworks pursued in some corners of the world. ‘You should outlaw it’, Utermann said, according to a Reuters report. “I am personally surprised that regulators haven’t stepped in harder”…While Andreas Utermann’s hard line on cryptocurrency regulation does not appear to leave any room for negotiation, one of his colleagues at Allianz is somewhat more optimistic about this application of blockchain technology. Mohamed El-Erian, chief economist at Allianz, has said that he doesn’t believe cryptocurrency will ever replace fiat money but that it will survive the present bear market and become ‘more and more widespread.’..‘Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem,’ he said last month at a conference in New York…El-Erian has long regarded $5,000 as his bitcoin price target, stating that last year’s speculative frenzy — which caused a run-up to nearly $20,000 — was unwarranted…Crypto is not dead, and certainly the underlying technology is not dead,’ he said in September…”
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