President of the European Central Bank Christine Lagarde revealed on Friday that despite her frequent warnings to her son to not trust cryptocurrencies, he continued to invest in them and lost almost all of his investments.

Speaking of her son, the European Bank chief, who has been notoriously anti-cryptocurrency, said he “ignored me royally” and “lost almost all the money that he had invested.”

She said, “It wasn’t a lot but he lost it all, about 60% of it. So, when I then had another talk with him about it, he reluctantly accepted that I was right. I have, as you can tell, a very low opinion of cryptos.” She added that while “people are free to invest their money where they want,” they “should not be free to participate in criminally sanctioned trade and business.”

Lagarde did not specify which of her two sons, both in their 30’s, that she was speaking of. Last year she had admitted one was investing in crypto, and said although she was following his investment activities “very carefully,” she herself would never invest in crypto.

The chief of the ECB has long been highly critical of cryptocurrencies, calling them highly risky, speculative, and worthless in value, warning that in her view they were not to be trusted, since criminals and money laundering operations are often making use of them, putting the assets at odds with governments. She herself has long called for aggressive global regulations to be imposed upon the crypto markets.

In contrast, she has been quite enthusiastic regarding the prospects of central bank digital currencies (CBDCs), a digitized form of more traditional fiat currencies. The ECB is in the process of formulating the launch of a digital euro. The plans are reportedly in the “preparation phase,” with the ECB saying last month it will take two years to assess the viability of the project before it decides whether it will commit to it and release the currency.