Even those who should know better are not immune to losses speculating with cryptocurrencies: ECB President Christine Lagarde admitted in Frankfurt on Friday that one of her two sons had gambled with cybercurrency. “He generously ignored me, which is his prerogative,” she said. “He lost almost all the money he had invested.”
It wasn’t much money; he lost about 60 percent. “When I had another conversation with him about it, he reluctantly accepted that I was right,” she noted. The central bank chief did not say which of her sons, both over 30, made the mistake.
“As you can see, I have a very low opinion of cryptos,” Lagarde noted. Everyone has the right to invest their money wherever they want. And everyone can speculate as much as he wants. But: “No one should have the right to engage in criminally sanctioned trade and business.”
In the past, Lagarde has advocated strong regulation of cyber currencies to protect consumers and prevent criminal activities such as money laundering and terrorist financing.
Last year, the EU became the first major economic region to agree on the regulation of cryptocurrencies. The framework, called “Markets in Crypto Assets” (MiCA), came into effect in June. The full implementation of the regulation is expected to last until the end of 2024.
From Lagarde’s perspective, MiCA regulation should only be a first step. She had repeatedly advocated for global regulation of cybercurrency.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
