US Launches Crypto Education Initiative

US Launches Crypto Education Initiative

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The United States Department of Treasury’s Financial Literacy Education Commission will launch an initiative focused on informing the public about the potential risks of investing in cryptocurrencies, a top official told Reuters in an interview.

Educational materials and outreach encouragement will include information on how cryptocurrencies work and how they differ from traditional payment formats, said Nellie Liang, undersecretary of finance for domestic finance.

Crypto

Liang said cryptocurrencies could offer potential benefits, such as increasing financial inclusion and cross-border payments.

“This initiative is meant to educate “without trying to stamp out new technologies and new innovations,” Liang told Reuters, quoted from CoinDesk, written Sunday (20/3/2022).

The Treasury’s education department includes 20 different agencies, including the Securities and Exchange Commission, chaired by Gary Gensler. Gensler has previously referred to crypto as the “Wild West.”

The meaning of “Wild West” itself is to sound promising. In theory, anyone can lend and borrow digital money at competitive interest rates, without involving an intermediary. Investors are lured by the promise of earning up to a double digit percentage of the savings yield in certain digital tokens.

But with major hacks and scams plaguing this industrial space, regulators are becoming increasingly concerned about the risk of crime as well as harm to consumers.

Fast Food Restaurants in US Give Bitcoin Gifts to Customers

US Launches Crypto Education Initiative

Previously, US-based fast food chain Shake Shack was experimenting with gifting cryptocurrencies to its customers.

This gift giving is based on the fast food company having partnered with Block Inc and will provide prizes in the form of Bitcoin to its customers.

The announcement comes from a Wall Street Journal (WSJ) report and Shake Shack said the move was meant to lure younger customers.

One of the executives at Shake Shack told WSJ that while their restaurant wants to attract millennial and Gen Z customers, the executive also said that they are currently interested in other cryptocurrencies.

Basically, the gift in the form of Bitcoin is in the form of cashback of 15 percent of the number of purchases made by customers. However, the condition is, customers need to take advantage of the Cash card from Block and the Cash Boost system to get BTC rewards.

Jay Livingston, Shake Shack’s head of marketing, told a WSJ reporter the fast food chain has not seen a demand for crypto payments. However, Livingston says experimenting with Block’s Cash App is a good way to determine whether a restaurant should accept digital assets.

“You always try to place your bets on things that will actually be meaningful and not waste resources on things that won’t really matter,” said Livingston, quoted from Bitcoin.com, Saturday, March 18, 2022.

“If we just started using crypto now on our kiosk, the adoption would be very low. But through someone like Cash App, who has promoted it, you will get more people who want it and want to learn too,” concludes Livingston.

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