Russia Proposes Adding Cryptocurrency to the Population's Financial Literacy Strategy – News Bitcoin News


Russia Proposes Adding Cryptocurrency to the Population's Financial Literacy Strategy

The Russian Ministry of Finance has proposed adding cryptocurrency to the country’s financial literacy strategy, which was jointly developed with the World Bank. Interest in cryptocurrency is growing in Russia, even among children.

Also read: Russian Regulators Disagree on Crypto Regulation, Postpone to Next Year

Russia’s Financial Literacy Strategy 2017-2023

Russia Proposes Adding Cryptocurrency to the Population's Financial Literacy Strategy
Russian Minister of Finance Anton Siluanov.

Russia’s finance ministry has proposed including cryptocurrency in the country’s strategy to increase the financial literacy of the population from 2017 to 2023, according to reports on Friday.

The strategy was approved by Prime Minister Dmitry Medvedev last week. It was based on a joint project between the Russian Ministry of Finance and the World Bank. The program will be implemented in two phases, one in 2017-2019 and the other in 2020-2023, with the Finance Ministry overseeing their implementations.

“In the strategy to increase the financial literacy of Russians, it is necessary to include the topic of cryptocurrency,” Minister of Finance Anton Siluanov said in a broadcast on the TV channel “Russia 24”, according to Lenta. He added:

The question of investing in instruments such as cryptocurrencies will, of course, be discussed, and we now see more risks than recommendations on investing in such instruments. So, explaining the possible consequences of investing in unregulated instruments will be one of the issues with which we will speak for the current year and until 2023.

Crypto Awareness Growing, Even Among Children

A nationwide survey conducted in July by the National Agency for Financial Studies (NAFI) found that only 28% of Russians have heard of cryptocurrencies including bitcoin. While “cryptocurrencies remain exotic for the overwhelming majority of our compatriots,” NAFI Project Manager Sergey Antonyan said interest in them is growing.

Even Russian children are increasingly investing in cryptocurrencies. At an all-Russian competition called “Digital Economy: Generation Z” last month, Russian children “competed, answering questions about cryptocurrencies, chatbots, blockchains and biometrics,” Tass reported. The event was held in the Moscow’s “Horoshkol” high school gymnasium, which was built with funds from the head of Sberbank, Herman Gref, who was also a judge for the competition.

Russia Proposes Adding Cryptocurrency to the Population's Financial Literacy Strategy
Participants in the competition “Digital Economy: Generation Z”© Sergey Bobylev / Tass.

School children from 11 to 17 years old with “experience in creating digital projects based on neural networks and blockchains and who own an investment portfolio of several cryptocurrencies” were invited to participate, the publication wrote, adding that:

It seems to sound unrealistic – school children with cryptocurrencies, but in three days 50 applications from all over Russia were received. 7 participants were selected for the competition.

Recently, reported on five top educational establishments incorporating cryptocurrency into their traditional banking and finance courses. Moscow State University, Higher School of Economics, St. Petersburg State University of Economics are among them.

Do you think Russia should add cryptocurrency to its population’s financial literacy strategy? Let us know in the comments section below.

Images courtesy of Shutterstock, Sergey Bobylev, and Tass

Tags in this story
Anton Siluanov, biometrics, blockchains, competition, Cryptocurrency, dmitry medvedev, Finance Minister, finance ministry, Herman Gref, high school, investment, N-Economy, prime minister, Russia, russian, Sberbank, World Bank

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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