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Deutsche Bank says more regulation of cryptocurrencies needed

Reuters
FILE PHOTO: The headquarters of Germany's Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo (Reuters)

BERLIN (Reuters) - More regulation and some degree of security are needed to make cryptocurrencies such as bitcoin a serious new asset class for investors, Deutsche Bank Chief Investment Officer Christian Nolting said. ** "Cryptocurrencies currently represent a highly speculative and unregulated risk investment," Nolting said in a presentation published on Deutsche Bank's website on Thursday. ** Because most cryptocurrencies are limited, their inflation risk is low, which means they could offer an alternative to inflation-threatened currencies in crisis countries like Venezuela. ** Bitcoin, the world's most popular cryptocurrency, has soared in recent weeks to above $15,000 in what detractors call evidence of a bubble but supporters insist is the start of a new monetary system not dependent on central banks. (Reporting by Maria Sheahan, editing by David Evans)