Ministry of Finance launches campaign to alert young people to the risks of cryptos | News item

News item | 05-09-2022 | 10:11

The campaign, aimed at young people aged 13 to 25, is supported by the website www.slimincrypto.nl. Information and explanations about cryptos can be found there. How do you know if a crypto provider is trustworthy? Is it wise to go into cryptos with borrowed money and how do you actually know what you are buying? These and other questions are answered on the website.

Minister Kaag “A lot of information is shared on social media about cryptos, but financial influencers are not always neutral and transparent. If you are thinking of buying cryptos, make sure you know what the risks are and don’t be blinded by promised high returns. Only spend money you can afford to lose and remember that if something sounds too good to be true, it often is.”

The aim of the campaign is to ensure that young people are well informed and prepared when buying cryptos, for example at the risk of losing money quickly. That opportunity is high because of the volatile price of cryptos. But also because there are many scams and misinformation about cryptos going around on social media.

Youth platform FunX is also joining in and will pay attention with its platform to the do’s and don’ts surrounding cryptos.

Cryptos are gaining popularity among young people. But often they lack proper information and base their purchase on the advice of financial influencers on social media.

Cryptos are highly volatile and therefore risky products. Their value is not backed by an underlying asset and the price can fluctuate considerably. These fluctuations can make you lose your money quickly. Especially on social media, young people are ‘lured’ by so-called ‘finfluencers’ to get into cryptos, but they are not made aware of the risks.