Home Crypto News Lagarde, ECB chief, confesses her son has lost cryptocurrency funds

Lagarde, ECB chief, confesses her son has lost cryptocurrency funds

by Michael Stark

H2: Christine Lagarde’s Son Loses “Almost All” Investments in Crypto Assets

H3: Lagarde’s Warning Goes Unheeded

European Central Bank President Christine Lagarde revealed on Friday that her son had lost “almost all” of his investments in crypto assets, despite her extensive warnings against them. Lagarde, who has been a vocal critic of cryptocurrencies, has described them as speculative, worthless, and commonly used by criminals for illicit activities.

During a town hall with students in Frankfurt, Lagarde shared that her son “ignored me royally, which is his privilege,” and consequently suffered significant financial losses. “He lost almost all the money that he had invested,” Lagarde stated. “It wasn’t a lot, but he lost it all, about 60% of it.

The ECB chief, who has two sons in their mid-30s, did not specify which one had experienced the loss. The European Central Bank has consistently called for global regulation of crypto assets to protect uninformed consumers from risks and to close loopholes that can potentially fund terrorists or allow criminals to launder cash.

H3: Digital Euro Project and Regulatory Concerns

The ECB has expressed concerns that privately issued currencies could potentially replace government money, prompting the bank to launch its own digital euro project. However, the bank still has several years before issuing any digital money. Additionally, lagarde detailed that last month, the bank initiated the “preparation phase” for the digital euro but stated it would need another two years before deciding whether to roll it out.

Lagarde expressed her skepticism toward cryptocurrencies, stating, “I have, as you can tell, a very low opinion of cryptos.” She emphasized that while people are free to invest and speculate as they choose, they should not be free to engage in criminally sanctioned trade or businesses.

In conclusion, Lagarde’s revelation about her son’s substantial financial losses in crypto assets serves as a cautionary tale. Her persistent warnings against cryptocurrencies and calls for global regulation of crypto assets highlight the potential risks associated with these speculative investments.

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