"He completely ignored me". Christine Lagarde reveals that her son lost the money he invested in cryptocurrencies
No one is a prophet in their own land, not even the President of the European Central Bank, Christine Lagarde.
Christine Lagarde admitted on November 24 that her son lost "almost all" of the money he invested in crypto assets, despite numerous warnings, according to Reuters.
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Lagarde has long been a critic of cryptocurrencies, considering them speculative, without value and often used by criminals for illicit activities.
"He completely ignored me, which is his right", Lagarde said at a meeting with a group of students organized in Frankfurt. "And then he lost almost all the money he had invested", added the ECB president.
"It's not about large sums, but he lost almost 60% of what he had invested. So when I had a new discussion with him on this topic, he admitted, reluctantly, that I was right", Lagarde added.
The President of the ECB has two sons over the age of 30, but she did not specify which one is being referred to.
The ECB has called for global regulation of crypto assets to protect consumers who are not aware of the risks and to close a loophole that could be used to channel funds to terrorists or allow criminals to launder money.
Concerns that privately issued currencies could replace government money are among the reasons why the ECB has launched its own digital euro project. However, it will be many years before the institution in Frankfurt issues digital currency.
Last month, the ECB launched the "preparatory phase" for a digital euro, but specified that it will take about two years before it can decide whether to introduce a digital currency or not.
