The son of ECB president Christine Lagarde found Rect Trading Crypto
European Central Bank (ECB) President Christine Lagarde recently shared a personal story that hit home. Her son lost a significant part of his crypto investment.
Despite Lagarde's repeated warnings about the volatile and speculative nature of crypto, her son chose to explore the market on his own and faced serious financial difficulties.
Christine Lagarde's son found liquid trading crypto
Christine Lagarde has consistently highlighted the dangers of crypto, including its use in illegal activities and its inherently speculative nature. She recounted her son's experience at a Frankfurt town hall meeting, revealing that he had lost 60 percent of his investment.
This event underscores a key message that Lagarde has consistently presented: the high risks associated with crypto investments.
“He royally ignored me, which is his right. And he lost almost all the money he invested. He didn't lose much, but he lost all of it, about 60%. So when I talked to him about it again, he reluctantly accepted that I was right.” said Lagarde.
From the ECB The official's personal revelation adds a human dimension to her professional stance on crypto. Lagarde's story is a sobering warning to investors, especially young enthusiasts looking for quick profits.
“I have a very low opinion of cryptos, as you say. People are free to invest their money wherever they want, people are free to speculate as much as they want. [but] “People should not be free to engage in criminally prohibited trade and business,” Lagarde added.
The ECB has been conducting global regulation of crypto to protect consumers and prevent their misuse in criminal activities. Concerns that private currencies could displace government-issued currency have prompted the ECB to investigate its own digital currency.
Read more: Token Economy for Europe: Considering the Opportunities
Although the bank has started a “preparation phase” for the digital euro, it is still years away from issuing a digital currency.
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