The president of the European Central Bank (ECB), Christine Lagarde, has reportedly revealed that her son invested in crypto despite her warnings. “He ignored me royally,” Lagarde shared, noting that after he lost 60% of the money he invested, she had another talk with him about crypto investing.
Lagarde’s Son Ignored Her Advice About Crypto Investing
European Central Bank (ECB) President Christine Lagarde disclosed during a town hall with students in Frankfurt on Friday that her son invested in cryptocurrency despite her repeated warnings and lost approximately 60% of his investment, Reuters reported. She was quoted as saying:
He ignored me royally, which is his privilege … And he lost almost all the money that he had invested.
“It wasn’t a lot but he lost it all, he lost about 60% of it … So when I then had another talk with him about it, he reluctantly accepted that I was right,” she claimed. The ECB chief has two sons in their mid-30s but did not disclose which one she was referring to. She also did not reveal any specific cryptocurrencies he invested in or the amount of his investment.
Lagarde further stated: “I have, as you can tell, a very low opinion of cryptos … People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses.”
The ECB president has long been skeptical of crypto. In June last year, she warned that crypto assets and decentralized finance (defi) “have the potential to pose real risks to financial stability.” In March last year, she said crypto is “based on nothing.” She also stressed that cryptocurrencies are “certainly” being used to evade sanctions.
The European Central Bank has called for global regulation of crypto assets to protect uninformed investors and close loopholes that could facilitate funding for terrorists or enable money laundering by criminals.
Last month, the ECB decided to move its central bank digital currency (CBDC) project to the next phase after two years of investigation. The “preparation phase” of the digital euro will involve “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure,” the European Central Bank explained.
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