Cryptocurrencies have evolved from just another tech frenzy to an actual, worthy and legitimate asset. The utilities and practical use cases crypto assets hold, they become more and more appealing to people. Many instances have been noted lately and reports also suggested the same that popularity and adoption of cryptocurrencies are on increase.
Authorities in the United States are setting up to bring awareness about crypto among people, given their rising demand.
A United States Treasury Department official said that the agency is launching an awareness initiative which will be focusing on spreading knowledge related to risks involved in crypto investments. Crypto assets are no longer a reflection of the traditional financial system, rather they are ready to become mainstream.
Further information regarding the initiative was reported the Financial Literacy Education Commission of Treasury will look into the creation of related educational material and enabling organized reach to the general public. It will carry out the information regarding the working of crypto assets and their differences from other payment systems.
Domestic Finance Undersecretary at Treasury, Nellie Liang said the section of population with lack of mainstream financial services access are the main target for the Treasury to hone with required knowledge and information.
Liang said that the number of people investing and purchasing crypto assets are on rise. He said that they understand the sophistications and complications behind the operation of several crypto assets. This section felt like they needed education more than others and awareness would be helpful for them, he added.
The Treasury’s initiative draws attention towards the increasing concerns around the crypto assets. This indicates that such assets pose risks to the traditional financial system given their growing popularity. Overall cryptocurrency market crossed over 3 trillion in terms of market capitalization by last year. According to the reports, by 2021, 14% of the American population was involved in crypto investments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.