ECB chief Lagarde reveals her son lost money on crypto investments

ECB President Christine Lagarde admitted that her son lost ‘almost everything’ on investments in digital assets, despite numerous warnings. Reuters reports this.

‘[My son] royally ignored me, and that’s his privilege. He lost almost all the money he invested,’ she said.

According to Lagarde, his loss amounted to about 60%. In the end, the man admitted his wrongdoing to his mother, she added.

The head of the central bank has two sons aged around 30. Lagarde did not specify which of them fared poorly in crypto investments.

Lagarde has been an active opponent of digital assets and criticises the industry for excessive risk. She заявляла that all cryptocurrencies and stablecoins meet the definition of speculative products, and recognizing them as a unit of account is inappropriate.

In May 2022, the ECB chief призвала к регулированию of the market, noting that cryptocurrencies ‘are worth nothing’.

‘As you can see, I have a very low opinion of digital assets. People can freely invest their money wherever they want, people can freely speculate as much as they want, but people should not have the right to participate in unauthorized trading and business,’ she stressed.

Earlier Lagarde said there is a need to regulate the cryptocurrency lending sector.

Earlier in May 2023, the ECB announced the development of a legal framework for a national digital currency.

According to the head of the central bank, the final decision on launching the CBDC was expected to be taken in the autumn.