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Son Of President Of The European Central Bank Is Crypto Investor

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Christine Lagarde, President of the European Central Bank (ECB), repeated her opposition to cryptocurrencies, arguing they are “based on nothing” and should be strictly regulated. Nonetheless, she stated that one of her sons had invested a portion of his fortune in the digital asset market.

Several central bankers have attacked the bitcoin sector in recent years. Christine Lagarde, the President of the European Central Bank, is unquestionably a member of that club.

She recently stated in an interview that digital assets are “worthless” and “based on nothing.” She went on to say that because the market lacks sufficient regulations, investment in bitcoin and altcoins might leave investors “terribly disappointed.”

Lagarde, unsurprisingly, confirmed not having any cryptocurrency, adding, “I want to practice what I preach.” However, it seems that her advice did not stop one of her two sons from diversifying his portfolio with digital assets. “He’s a free man,” she stated.

While the legislator is still dubious of cryptocurrency, this is not the case with CBDCs. She stated that the ECB intends to launch a digital euro in the next four years, which will be a very different product than bitcoin: “The day when we have the central bank digital currency out, any digital euro, I will guarantee – so the central bank will be behind it, and I think it’s vastly different than many of those things.”

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In January 2021, the President of the European Central Bank stated that bitcoin is a “highly speculative asset” that might be used in illicit activity. As such, it must adhere to stringent regulatory guidelines.

A month later, she reiterated her prediction that the dominant digital asset has no future. Lagarde also believes that central banks will never hold cryptocurrencies, which she regards as “very doubtful.”

The French politician brought it up again shortly after Vladimir Putin announced his “special military operation” in Ukraine in February. She advocated for crypto sector regulations, arguing that without them, Russia may avoid the financial penalties imposed by the EU and the US.

However, due to the underlying blockchain technology, using digital assets to avoid financial penalties is not an appropriate technique. Changpeng Zhao, CEO of Binance, elaborated:

“If you look at the data, nobody smart does that. Crypto is too traceable, the governments around the world are increasingly very good at tracking crypto transactions. So crypto is not good for that.”