It is a common and normal routine these days as governments tighten their stands on cryptocurrencies with regulations. As much as these regulations don’t seem to be stopping Bitcoin and other cryptocurrencies, Hong Kong is about to change the game plan by introducing ad campaigns against ICO’s in the government’s latest crypto education.
“Cryptocurrencies are highly speculative and are associated with various kinds of risks. Their prices may be susceptible to significant fluctuations due to speculative activities. Investors may suffer significant monetary losses as a result of the volatile prices”. Dr Kelvin Wong, Chairman of the IEC.
The Financial Service Treasury Bureau (FSTB) and the Investor Education Centre (IEC) all subsidiaries of the Securities and Futures Commission (SFC) have teamed up to launch a campaign aimed at raising awareness of the potential risks associated with ICO’s and the trading of cryptocurrencies. This will include TV campaigns and print media to warn the public to stay away from cryptocurrencies.
According to the decision, this will start in March and will also include radio ads and videos on social media. The preview of these ads is expected to start this week with notices to placed on Hong Kong MTR stations. However, some websites have also already launched campaigns cautioning investors against crypto investing on their sites.
In the press release put out by the Hong Kong official government website, it creates awareness of misleading information being covered in the media and they will like to educate the public more on the risks associated with ICO’s and cryptocurrencies.
“The increase in media coverage and hype around ICOs and ‘cryptocurrencies’, such as bitcoin, has aroused public interest. However, the public might use these as speculative tools without full understanding of their nature and potential risks. Through this series of public education initiatives, the Government aims to provide the public with a correct and comprehensive understanding of ICOs and ‘cryptocurrencies’, so that they can thoroughly assess the risks before making transactions or investment decisions.” Mr Joseph Chan, Secretary for Financial Services, and the Treasury.
This crypto education strategy was also implemented by Thailand when the government choose to educate its citizen rather than ban cryptos.
What do you think about this crypto education strategy by the Hong Kong government? Do you think we can see more governments follow suit?
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