"My Son Ignored My Words and Lost Almost All His Investment"…Even the ECB President Couldn't Stop Cryptocurrency Investment

Christine Lagarde, President of the European Central Bank (ECB), revealed on the 24th (local time) in Frankfurt, Germany, that one of her two sons suffered significant losses after investing in cryptocurrency, according to the German magazine Der Spiegel.

Christine Lagarde, President of the European Central Bank (ECB). [Source=Yonhap News]

According to foreign media on the 26th, Lagarde, who usually maintains a critical stance on cryptocurrency, said, "My son royally ignored me," adding, "That is his privilege."

She continued, "He lost almost all the money he invested," explaining, "The investment amount was not large, but the loss reached 60%."

She also added, "Only after having further conversations with my son about the cryptocurrency market did he reluctantly accept that I was right."

Lagarde did not disclose which of her two sons in their 30s invested in the cryptocurrency market and suffered losses. She said, "As you can see, I undervalue cryptocurrency," and added, "Everyone has the right to invest their money where they want and to gamble as much as they want, but no one should be given the right to participate in illegal trading or businesses."

Lagarde has expressed the need for strong regulations on cryptocurrency to protect consumers and prevent its use in money laundering or terrorist financing.

The European Union (EU) agreed last year to introduce regulations on cryptocurrency. The Markets in Crypto-Assets (MiCA) regulation came into effect in June this year. However, the full implementation system is expected to be in place by the end of next year.

Lagarde emphasized that such EU-level regulation is just the first step and stressed the need for global cryptocurrency regulation.

This content was produced with the assistance of AI translation services.