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  • Voltaire Staff

ECB chief admits son lost cash in crypto

Christine Lagarde. Image Courtesy: Wikipedia

With all her financial know-how, European Central Bank chief Christine Lagarde couldn’t stop her own son from losing a large part of his investment in cryptocurrency, a favourite evil of the establishmentarians for its roguish independence.

Lagarde, who famously expressed her disdain for digital money like Bitcoin, which she called risky, worthless, and often used for bad things by criminals, admitted she failed to convince her son to not invest in these coins.

"My son didn't listen to me, and because of that, he lost nearly all the money he put into digital money," she told students in Frankfurt, according to Reuters.

"It wasn't a lot of money, but he lost everything. About 60% of what he invested," Lagarde added. "Finally, he agreed that I was right, but it took a while."

Lagarde didn't say which of her two sons, both in their mid-30s, she was referring to.

The European Central Bank wants rules for digital money worldwide and has even expressed plans to launch its own digital currency, as have several other nations, including India, to cash in on the appeal of crypto.

Governments across the world have expressed fears that crypto – a blockchain-based digital coin traded over built-to-purpose exchanges – poses a threat to their central bank and consequently the world order built on nation-state formula which admits only one medium of exchange across a country.

They also have expressed concerns over the crypto’s veritable use by rogue elements like terrorists and drug dealers for trading for goods, bypassing the established banking networks.

The ECB is working on its own digital money called the digital euro, but it's going to take a few more years before they decide to start using it.

Last month, they began getting ready for the digital euro, but they need two more years before they're ready to make a final decision.


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