Are crypto and blockchain safe for kids, or should greater measures be put in place?
Crypto is going mainstream, and the world’s younger generation, in particular, is taking note. Cryptocurrency exchange Crypto.com recently predicted that crypto users worldwide could reach 1 billion by the end of 2022. Further findings show that Millennials — those between the ages of 26 and 41 — are turning to digital asset investment to build wealth. For example, a study conducted in 2021 by personal loan company Stilt found that, according to its user data, more than 94% of people who own crypto were between 18 and 40.
While the increased interest in cryptocurrency is notable, some are raising concerns regarding the ways those under the age of 18 are interacting with digital assets. These challenges were highlighted in UNICEF’s recent “Prospects for children in 2022” report, which examines the impact that global trends may have on children, including concerns around the mainstream adoption of cryptocurrency.
Melvin Breton Guerrero, policy specialist for UNICEF’s Office of Global Insight and Policy, told Cointelegraph that he wrote the section of the report on digital currencies. According to Guerrero, this portion of the document is highly relevant because the cryptocurrency industry is still developing and, therefore, requires child safeguards:
Although there are no official safeguards in place for children when it comes to accessing crypto and blockchain applications, Guerrero explained that one of the most important factors to consider is age verification. “We need to make sure that minors are not wrongly engaging with blockchain applications or misusing cryptocurrencies,” he remarked.
Given the anonymity of cryptocurrency transactions, Guerrero is aware that anyone can set up and access a cryptocurrency wallet. He
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