Hong Kong Government Offers Crash Course on Cryptocurrency Trading

Feb 02, 2018 at 1:02

Amid the growing popularity of global cryptocurrencies trading, the government of Hong Kong is offering a crash course to educate the public about its intricacies.

In a statement released by the government of the Hong Kong Special Administrative Region, it said that advertisements, infographics, articles and other related materials will be provided to inform the public on initial coin offerings (ICOs) and cryptocurrencies.

Hong Kong’s Financial Services and Treasury Bureau (FSTB) as well as the Investor Education Center (IEC) launched the public campaign that will involve advertisements placed throughout public transit system, television, radio, and even government-sponsored educational videos to be posted on social media.

FSTB undersecretary, Joseph Chan, noted that the aim of the program is to provide a correct and comprehensive understanding of ICOs and cryptocurrencies so that the public has a better idea of what they’re investing in.

“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,” he further explained.

On the other hand, IEC chairman, Dr. Kelvin Wong noted that the campaign is crucial since cryptocurrencies are high risk products.

“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,” he further stated as another reason in conducting the public information campaign.

Aside from public advertisements, the Chin Family website, the financial education platform of the IEC, also developed educational articles and infographics to help the public understand the features and risks of ICOs and cryptocurrencies.

It can be recalled that before Hong Kong launched the public information campaign on cryptocurrencies, the Russian government also announced a few months ago on its plans to include cryptocurrency in their financial literacy improvement strategy.