European Central Bank President Christine Lagarde is known for her anti-crypto stance, referring to virtual currencies as being highly speculative, completely worthless, and often used as a tool by bad actors/criminals for engaging in illicit activities.
Recently, the ECB President Christine Lagarde claimed that her son reportedly lost nearly all of his investments in crypto-assets, even though he had been warned.
Lagarde, who like most other traditional financial industry professionals, has been very critical of cryptocurrencies and considers decentralized cryptos to be quite speculative, practically worthless, and a tool used by criminal organizations to carry out illegal transactions/activities.
Lagarde informed a town hall with students in Frankfurt:
“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.”
The European Central Bank President has two sons who are currently in their mid-30s, but she did not confirm which one she had been referring to recently.
The ECB has recommended the international regulation of cryptocurrencies in order to ensure adequate consumer protection. At present, most consumers are still not well aware of the significant risks involved with investing in cryptocurrencies.
This past month, the ECB reportedly began the “preparation” stage for the digital euro; however, the organization stated that it will require a couple more years before it will be in a position to determine if it should move forward with the initiative.
Lagarde remarked:
“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, [however] people should not be free to participate in criminally sanctioned trade and businesses.”