ECB President Lagarde's Son Loses Almost All Crypto Investments Despite Warnings

According to Yahoo News, European Central Bank (ECB) President Christine Lagarde revealed on Friday that her son lost 'almost all' of his investments in crypto assets, despite her numerous warnings. Lagarde has been a vocal critic of cryptocurrencies, labeling them as speculative, worthless, and often used for criminal activities. During a town hall with students in Frankfurt, Lagarde shared that her son ignored her advice and lost about 60% of his investments. She did not specify which of her two sons, both in their mid-30s, she was referring to. The ECB has been advocating for global regulation of crypto assets to protect consumers and close loopholes that can be exploited for terrorist financing or money laundering. Concerns about privately issued currencies displacing government money have also prompted the ECB to launch its own digital euro project. However, the bank is still years away from issuing any digital currency. Last month, the ECB entered the 'preparation phase' for the digital euro but stated that it would need another two years before deciding whether to roll it out or not. Lagarde reiterated her low opinion of cryptocurrencies, emphasizing that while people are free to invest and speculate, they should not be allowed to participate in criminally sanctioned trade and businesses.