European Central Bank President reveals son's investment in cryptocurrency loses 60%: "He finally admits I was right"
The Euro 20 Plus event hosted by the Deutsche Bundesbank, the central bank of Germany, recently featured a speech by Christine Lagarde, the President of the European Central Bank, where she once again emphasized the high risks associated with investing in cryptocurrencies.
President of the European Central Bank criticizes cryptocurrencies as "worthless," but does not intervene in son's coin purchases
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ECB President: Son Lost 60% on Cryptocurrency Investments
According to Reuters, Christine Lagarde stated that despite her repeated warnings, her son almost lost all his investments in cryptocurrency.
She said:
He turned a deaf ear to my advice, although it is his right, and he almost lost all the money he invested in cryptocurrencies, losing about 60%. So when I discussed this with him again later, he reluctantly admitted that I was right.
Christine Lagarde has two sons in their thirties, but she did not disclose which one she was referring to.
She reiterated her personal view on cryptocurrencies:
As everyone knows, my assessment of cryptocurrencies is extremely low. Everyone's own investments, speculative targets, and preferences are absolutely free, but the public should not be able to freely participate in transactions and related businesses subject to criminal sanctions.
Slow Progress on European CBDC
Europe formally introduced the MiCA legislation Markets in Crypto Assets, the move being unanimously praised by a host of U.S. cryptocurrency company founders.
European crypto venture capital grows rapidly, MiCA overwhelmingly passed, fully entering crypto jurisdiction
However, progress on the digital euro has been relatively slow. Christine Lagarde previously stated that efforts are underway to address privacy concerns arising from Central Bank Digital Currency (CBDC), indicating that CBDC pilots may still need two more years before a final decision is made.
ECB President: Digital Euro Needs at Least Two More Years
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