European Central Bank president says her son lost 60% of his investments trading crypto

European Central Bank President Christine Lagarde revealed that her lad mislaid wealth investing successful cryptocurrency, according to Reuters connected Nov. 24.

Lagarde said that her lad mislaid “almost all” of his investments by trading cryptocurrency against her warnings. During an event, she said:

“He ignored maine royally, which is his privilege … And helium mislaid astir each the wealth that helium had invested. It wasn’t a batch but helium mislaid it all, helium mislaid astir 60% of it … So erstwhile I past had different speech with him astir it, helium reluctantly accepted that I was right.”

Lagarde added that she has a “very debased sentiment of cryptos.” She said that though radical are escaped to put and speculate successful the area, they should not beryllium allowed to instrumentality portion successful concern and commercialized that involves transgression activity.

Lagarde addressed an students astatine an lawsuit successful Frankfurt, Germany. The lawsuit was titled Euro20plus and was organized by Germany’s cardinal bank, Deutsche Bundesbank.

Lagarde is progressive successful ECB policy

Lagarde is different progressive with galore of the ECB’s different activities concerning the regularisation of cryptocurrencies, stablecoins, and integer assets.

In November 2022, Lagarde advocated for an update to Markets successful Crypto-Assets (MiCA) Regulation called MiCA 2, which she said would beryllium “broader [in] what it aims to regulate” than its precursor. MiCA applies to custodial wallets and exchanges and definite crypto assets and stablecoins. By contrast, MiCA 2 would code regularisation of decentralized DeFi platforms and crypto assets without issuers, for example.

Though she had antecedently advocated for the MiCA 2 framework, Lagarde besides discussed cited the then-recent illness of FTX during that speech.

In October 2023, Lagarde issued a connection describing advances astir the integer euro, a cardinal slope integer currency (CBDC) that could supply a regulated alternate to cryptocurrency. She much broadly advocated for CBDCs successful May 2023.

The station European Central Bank president says her lad mislaid 60% of his investments trading crypto appeared archetypal connected CryptoSlate.