The US Treasury seeks to raise awareness and educate American families about the risks associated with cryptocurrency investment. The Treasury’s Financial Literacy Education Commission is in charge of the project.
The Treasury Department will launch a campaign to educate people about the risks of investing in cryptocurrencies. The Treasury’s Financial Literacy Education Commission will lead the program, which seeks to provide educational tools and raise awareness about how crypto assets vary from other traditional methods of exchange, as well as the complexity of investing in digital assets.
Nellie Liang, Under Secretary for Domestic Finance at the United States Treasury Department, told Reuters that the Treasury will focus on supporting demographic groups with limited access to mainstream financial services.
Under Secretary Liang also stated that the growing number of families acquiring cryptocurrency is one reason why education might be good, and that the greater demand could endanger the financial system’s stability.
“We’re just trying to raise awareness without trying to stamp out new technology and new innovation,” the renowned think tank said of the potential advantages of digital asset adoption.
The idea comes after Under Secretary Liang voiced worry about the rising demand for stablecoins. She stated in a recent Washington Post story that stablecoins are still not subject to uniform regulatory controls.
Stablecoins are a sort of cryptocurrency with a price that is often fixed to the value of a fiat currency and are commonly used to trade against more volatile digital assets. The total market valuation of all stablecoins is currently close to $187.5 billion.
The Financial Literacy and Education Commission was founded under the Fair and Accurate Credit Transactions Act of 2003, according to the Treasury’s website, and was entrusted with producing policies and a national strategy on financial education for Americans.
The Commission is made up of the leaders of 19 other government agencies, including the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Securities and Exchange Commission, and others.
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