No one is a prophet in their own land, including European Central Bank President Christine Lagarde, who admitted on Friday that her son lost "almost all" of his investments in crypto assets, despite copious warnings.
FRANKFURT, Nov 24 (Reuters) - No one is a prophet in their own land, including European Central Bank President Christine Lagarde, who admitted on Friday that her son lost “almost all” of his investments in crypto assets, despite copious warnings.
Lagarde has long railed against cryptocurrencies, calling them speculative, worthless and a tool often used by criminals for illicit activity.
“He ignored me royally, which is his privilege,” Lagarde told a town hall with students in Frankfurt.
The ECB has called for global regulation of crypto assets both to protect consumers who are unaware of the risk and to close a loophole that can be used to channel funding to terrorists or lets criminals launder cash.
Worries that privately issued currencies could displace government money were among the reasons the ECB launched its own digital euro project, but the bank is still years away from issuing any digital money.
Last month the bank started the “preparation phase” for the digital euro but said it would need another two years before it was in a position to decide whether to roll it out or not.
The original article contains 297 words, the summary contains 184 words. Saved 38%. I’m a bot and I’m open source!
This is the best summary I could come up with:
FRANKFURT, Nov 24 (Reuters) - No one is a prophet in their own land, including European Central Bank President Christine Lagarde, who admitted on Friday that her son lost “almost all” of his investments in crypto assets, despite copious warnings.
Lagarde has long railed against cryptocurrencies, calling them speculative, worthless and a tool often used by criminals for illicit activity.
“He ignored me royally, which is his privilege,” Lagarde told a town hall with students in Frankfurt.
The ECB has called for global regulation of crypto assets both to protect consumers who are unaware of the risk and to close a loophole that can be used to channel funding to terrorists or lets criminals launder cash.
Worries that privately issued currencies could displace government money were among the reasons the ECB launched its own digital euro project, but the bank is still years away from issuing any digital money.
Last month the bank started the “preparation phase” for the digital euro but said it would need another two years before it was in a position to decide whether to roll it out or not.
The original article contains 297 words, the summary contains 184 words. Saved 38%. I’m a bot and I’m open source!