Lagarde scion makes money with cryptocurrencies
Although the President of the European Central Bank doesn't think much of cryptocurrency, Christine Lagarde obviously can't talk her son out of investing in the sector. And then her son loses a large part of the money he speculated with.
Even those who should know better are not immune to speculative losses with cryptocurrencies: ECB President Christine Lagarde admitted that one of her two sons gambled away with cyber currencies. "He royally ignored me, which is his privilege," she said. Lagarde is considered a fierce critic of cyber foreign exchange. "He lost almost all the money he invested." It was not a large investment, but he lost around 60 percent of it. "When I had another conversation with him about it, he reluctantly accepted that I was right," she noted. The head of the central bank did not say which of her sons, who are both over 30 years old, had made a mistake.
"As you can see, I have a very low opinion of cryptos," Lagarde noted. Everyone has the right to invest their money where they want. And everyone is allowed to speculate as much as they want. But she added: "No one should have the right to participate in criminally sanctioned trade and business." In the past, Lagarde had always spoken out in favor of strong regulation of cyber currencies in order to protect consumers and prevent criminal activities such as money laundering and terrorist financing.
Last year, the European Union was the first major economic region to agree on the regulation of cryptocurrencies. The set of rules called "Markets in Crypto Assets" (MiCA) came into force this June. However, the full implementation of the regulation is expected to take until the end of 2024. In Lagarde's view, the MiCA regulation should only be a first step. She has repeatedly argued in favor of global regulation of cyber currencies.
Despite her criticism towards cryptocurrencies as the head of the ECB, Christine Lagarde's son continued to invest in the sector, ultimately facing significant losses. The ECB president acknowledged her son's decision to ignore her advice and lose a considerable portion of his investment.
Source: www.ntv.de
