Saturday, November 26, 2022

ECB Chief Christine Lagarde Says Her Son Trades Crypto: Report

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The ECB chief Christine Lagarde says her son is trading crypto but she still will not go as near to digital assets, so let’s have a closer look at today’s cryptocurrency news.

The ECB chief Christine Lagarde says her son invested in crypto but she will not “put her finger in there” when asked whether she will invest. She is a harsh BTC critic and admitted she has a son who invested in crypto but said that she wouldn’t do it herself. On the Dutch program College Tour the banker was asked by the audience member If she owned any crypto:

 “No, I don’t [have any crypto] because I want to practice what I preach. I actually have a son who invested in crypto—I follow very carefully.”

The audience member asked did she take anything from her son investing in crypto and she responded:

“That I would not put my finger in there.”

Crypto Poses Risks, ECB, bank, market

She added that her son didn’t want to listen to her advice about staying away from crypto while she remains a fierce critic of BTC and crypto. She said that these assets were “worth nothing”:

“It’s based on nothing. There is no underlying asset to act as an anchor of safety. I’ve said all along that crypto assets are highly speculative, highly risky assets.”

The economist said that it was very unlikely that central banks will hold BTC and claimed the biggest crypto was a highly speculative asset that is involved in money laundering. She however was quite enthusiastic about the centralized cryptocurrencies like the central bank digital currency which is a digital form of fiat money such as the US dollar or EUR with many other nations being in different stages of researching and releasing them. Lagarde called the idea of the digital euro important and something that is quite beneficial. The EU said that it will consider legislation to create a digital euro by 2023 but while also on the College Tour, Lagarde was asked about inflation and how she can help bring it down:

“In due course, it will come.”

Lagarde suggests that the ECB will have to reconsider its status on crypto. The Governing Council met to decide on the interest rate and the monetary policies and Lagarde held her first press conference there along with the ECB Vice-President Luis de Guindo. She said that the central banks want to figure out new objectives for a digital currency before the first half of the year saying that the ECB will have to get ahead of the ‘’curve’’ on that matter.

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