European Central Bank President’s Son Incurs 60% Loss in Crypto Investments
In a candid revelation during a panel discussion with students in Frankfurt, Germany, Christine Lagarde, the President of the European Central Bank (ECB), disclosed that her son had incurred substantial losses from his cryptocurrency investments, disregarding parental advice and ECB warnings.
Lagarde disclosed that one of her two sons, both in their thirties, disregarded her advice as the ECB President and ventured into crypto investments, resulting in a staggering 60% loss of the initial investment. Subsequently, he acknowledged his mother’s warnings as valid. Lagarde, a former Managing Director of the International Monetary Fund (IMF), is a prominent figure known for her staunch opposition to cryptocurrencies, often branding them as ineffective speculative tools and beneficial only to criminals.
— Reuters (@Reuters) November 24, 2023
In her statement, Lagarde emphasized her skepticism towards crypto while acknowledging individual freedom in investment decisions but warning against potential exposure to criminal activities:
“As you can see, I do not hold crypto in high regard. Everyone has the freedom to invest as they wish, to speculate as they please, but they should not be allowed to engage in criminal activities or be subjected to sanctions.”
The ECB has previously advocated for a global legal framework to regulate cryptocurrencies, aiming to safeguard investors and prevent crypto exploitation for money laundering and terrorist financing.
The European Union (EU) officially passed the Markets in Crypto Assets Regulation (MiCA) in June 2023, encompassing various regulations governing crypto wallets, companies operating in the crypto sector, and stablecoin issuers. These provisions are expected to be enforceable between June and December 2024.
Furthermore, the European Central Bank has hinted at the potential issuance of a central bank digital currency (CBDC), citing the need for additional time to evaluate its benefits after thorough research and assessment.
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