The president of the European Central Bank announced that his son, obtaining not listened to information, suffered hefty losses due to his investment in cryptocurrency.
The son of the president of the European Central Bank “lost 60%” on cryptocurrency investments. Photo: Bloomberg
During a seminar with college students in Frankfurt, Germany, European Central Bank (ECB) President Christine Lagarder exposed that her son had misplaced the bulk of his cryptocurrency investment, regardless of warnings reported by mothers and fathers.
Ms Lagarde stated a single of her two sons, the two in their 30s, ignored the ECB president’s warnings to invest in cryptocurrencies, shedding 60% of his capital. Later, she admitted that Ms. Lagarde was ideal.
— Reuters (@Reuters) November 24, 2023
President Lagarde, who the moment served as director of the International Monetary Fund (IMF), is a famed official with an anti-cryptocurrency stance, typically calling cryptocurrency a ineffective speculation instrument and practical only for criminals.
Ms Lagarde stated:
“As every person can see, I will not value cryptocurrencies. People have the freedom to invest as they want, they can speculate as they want, but they ought to not be exposed to criminal action and sanctions.”
The ECB has in the previous known as for the creation of a international legal framework to handle cryptocurrencies and safeguard traders, blocking the use of cryptocurrencies for revenue laundering and terrorist financing schemes.
The European Union (EU) in June 2023 officially passed the MiCA Cryptocurrency Management Law, which consists of a lot of laws regulating crypto wallets, organizations doing work in the cryptocurrency sector, and stablecoin issuers. The legal provisions will come into force from June to December 2024.
Furthermore, the European Central Bank has left open the chance of issuing its very own digital currency (CBDC), saying it desires far more time to investigate and assess the positive aspects it brings.
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