- The US Treasury Department is rolling out an initiative to educate the public on the risks associated with crypto investing.
- The new initiative comprises about 20 agencies, including the Securities and Exchange Commission.
The Treasury Department of the United States is launching an initiative that addresses the risks associated with crypto investments. The new initiative aims to raise awareness and educate people on the dangers associated with investing in all types of cryptocurrencies.
A top official revealed that the Treasury Department is taking this step as digital assets transition from niche to mainstream. As a result, the Financial Literacy and Education Commission of the Treasury Department will issue educational materials to pass the information on the concepts surrounding crypto. The Commission also plans to organize outreach to inform the public how digital assets work differently from other forms of payment.
Treasury undersecretary Nellie Liang spoke on the educational initiative on crypto risks the Treasury Department is launching. She said the program’s main focus is people with limited access to mainstream financial services.
We’re hearing more and more about investors and households who are purchasing crypto assets, and we recognize the complexity of how some of these assets operate. It felt like this is an area also where more education [and]more awareness could be helpful.
US Treasury department unveils crypto education initiative
The Treasury Department’s initiative consists of 20 agencies, including the US SEC. In addition, regulators may find some assurance over the risks involved in crypto investments with the program’s launch. The education will also support the regulators’ ongoing mission to protect investors from scammers.
Speaking further, Liang said the Treasury Department is only trying to create awareness on crypto investments risk, with the initiative, without tampering with emerging technologies and innovations.
It is not just the governments that develop initiatives to educate people on crypto and other related matters. Towards the end of January, American professional basketball player LeBron James collaborated with Crypto.com to launch an education initiative. The initiative is to educate students in their hometown, Akron, about digital assets and the blockchain at large.
Read More: Crypto.com partners with Lebron James to give students Web3 opportunities
Additionally, peer-to-peer platform Paxful unveiled its new educational and training center on Bitcoin and altcoins in El Salvador. Dubbed “La Casa Del Bitcoin,” the training is free and available to the local community.
It is important that the public is properly informed about the potential risks involved with investing in cryptocurrencies. Especially with the increased rate of crypto adoption, investors should be careful with putting tier money in digital assets. Many young people globally now see crypto as a means of investment with huge potential.
A recent study showed that UK millennials and Gen Z millionaires had increased 100 percent from 1,000 last year to 2,000. The study further revealed that most of these young millionaires are crypto investors. The value of cryptocurrencies grew more than $3 trillion in 2021 as crypto platforms enticed new investors with marketing campaigns.
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