According to a Reuters report, European Central Bank (ECB) President Christine Lagarde revealed that her son experienced substantial losses in his crypto investments, disregarding numerous warnings.
Lagarde, a vocal critic of cryptocurrencies, has expressed concerns about their speculative nature, lack of intrinsic value, and potential misuse by criminals for illicit activities.
ECB Chief Urges Need For Global Crypto Regulation
During a town hall event with students in Frankfurt, Germany, Lagarde revealed that her son, whose identity was not disclosed, lost “almost all” of his investments in crypto assets.
Lagarde stressed that he ignored her advice despite her warnings and suffered significant financial consequences. Lagarde revealed that her son lost about 60% of his invested funds, prompting him to acknowledge her concerns reluctantly.
The European Central Bank has consistently advocated for the global regulation of crypto assets. Their primary objectives are to safeguard uninformed consumers from potential risks and to address vulnerabilities that can be exploited for terrorist financing and money laundering activities.
The ECB’s call for regulation is driven by concerns that privately issued currencies could undermine traditional government-backed currencies.
In response to the perceived threats posed by cryptocurrencies, the ECB has initiated the development of its own digital currency, the digital euro. However, according to Reuters, the implementation of the digital euro is still years away.
Digital Euro Progress
According to Reuters, the ECB entered the “preparation phase” for the dig
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Author: Ronaldo Marquez
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