Saturday, October 1

Colombia uses gamification to teach young people about trading cryptocurrencies and stocks

The Colombian government has chosen to fund a new app, board game and book to educate children and young people about investing in cryptocurrencies and the stock market. As reported by Cointelegraph Brazil, the game was proposed by Henry Jean Velásquez in response to a government call for innovative projects that can help promote financial literacy among young Colombians.

As Velasquez described it, the game, called “Currency B: Learn to Invest in the Stock Market,” simulates the retail experience as follows:

“” The user enters at the same time to invest and competes against two other players […] And you have to interpret the movements of the stock market to buy and sell at the right time and make money. You can buy stocks, cryptocurrencies, commodities, and trade the currency markets. Each asset has a specific trend that is easy to interpret. “

The call for government proposals was issued as part of the Crea Digital Call 2021 framework jointly launched by the Colombian Ministries of Culture and Science, Technology and Innovation. As the winner, Velásquez will receive 119 million pesos (approximately $ 31,000) and is expected to present a transformed version of his proposed game in the form of a downloadable graphic novel for Windows and Android in November. Starting in December, B Coin will be distributed through popular app stores.

According to Velásquez, as aforementioned in a statement from the Ministry of Science, Technology and Innovation, “We are improving the graphic and pedagogical aspects of the project. Through a creative consensus, we conclude that we are going to transform it into a graphic novel to make it easier to teach.” In addition to the new version, Velásquez will also produce a board game and book by March 2022 to further strengthen the project.

Velásquez has pointed to an investigation by his company Gameday that revealed that only one percent of Colombian schools teach economic literacy. His inspiration for B Coins was reportedly inspired by a 2014 Colombian government decree, which stipulated financial and economic education in Colombia as a topic that the country’s schools should cover so that children and youth can better understand the economy. and the dynamics of the financial system. .

As reported, some researchers in the United States have recently expressed concern that American teens have developed a negative impression of the trade, in part because they witnessed the GameStop saga. This has sparked efforts to change the mindset of teens by promoting pro-stock market educational programs, including simulated stock market experiences and a curriculum designed to clarify basic principles of investing.

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In contrast, South Korean researchers have been concerned that millennials’ growing reliance on speculative investments such as stocks and crypto, financed with loans, is trapping them in deep debt. They have observed that many young people see day trading as a “once in a lifetime opportunity” to get out of their financial precariousness and help them survive amid an insecure job market, stifled wages and prohibitively high real estate. prices.