The President of the European Central Bank (ECB) has long been resistant to the rise of cryptocurrencies. In front of an audience of German students, she said that the attraction to crypto trading did not spare one of her two sons, who did not listen to her advice.
In her comments reported by Reuters, she specifies that one of her sons lost 60% of his investments in cryptocurrencies, despite her warnings.
“He royally ignored me, which is his right,” she said. “When I had a discussion with him about it, he reluctantly admitted that I was right.”
“Funny Business”
The president of the European Central Bank has been calling for global regulation for years, saying digital currencies are often used for money laundering activities.
Bitcoin “is a highly speculative asset, which has enabled “funny business” and totally reprehensible money laundering activities,” she said in 2021. “There must be regulation. We must apply it and agree on this point… at a global level because if there is a loophole, this loophole will be used,” she adds.
And current cases seem to prove him right. Recently, Montenegrin justice approved the extradition of South Korean Do Kwon, founder of the terra cryptocurrency. Seoul and Washington both claim this entrepreneur for his role in the fraud linked to the collapse of his company in 2022, which caused investors to lose some $40 billion.
Towards a digital euro, in 2026
American justice has also just declared that Binance, the leader in crypto-asset exchange platforms, has largely failed in its obligations to report suspicious transactions. This is one of the reasons for the colossal fine of $4.3 billion which has just been imposed on the firm.
The European Central Bank plans to launch a digital and dematerialized euro, which would compensate for the decline in the use of cash. This currency would compete with cryptoassets like Bitcoin (BTC). It should be launched in 2026.
The most requested feature for a digital euro is payment confidentiality, an ECB survey showed 2 years ago.