The government of Colombia decided to finance a new application, board game and book to encourage children and youth to invest in cryptocurrency and stock exchange. The game was created in response to a call by the Government for creative ideas that might contribute to the promotion of financial literacy by young Colombians by Henry Jean Velásquez. The game, entitled “B Coin: Learn to Invest in the Stock Market,” mimics the retail experience as follows as stated by Velásquez: The customer is immediately entering to invest and competing against two other participants and needs to understand stock market movements so that they may purchase and sell money in the appropriate moment. In the forex market it is possible to purchase inventories, cryptocurrencies, commodities and trade. There is a certain pattern in each asset that is easy to interpret.
In conjunction with the Colombian Ministries of Culture and Science, Technology and Innovation, a governmental call for proposals was made under the framework CREA Digital Call 2021. Velásquez will get 119 million pesos as a winner (about US$31,000) and is anticipated to deliver a changed game for the Windows and Android versions in November. B Coin will be distributed via prominent app stores starting in December.
Velásquez had said: We have been refining the visual and educational components of the project as mentioned in an announcement by the Department of Science, Technology and Innovation. We agreed, by means of creative agreement, that we will turn it into a graphic book to make it simpler to teach. Velásquez will also develop a board game and a book, in addition to the updated edition, by March 2022, to enhance the initiative. Velásquez has pointed out that just 1 percent of Colombian schools teach economic literacy at his firm Gameday.
His inspiration for B Coin is supposed to have been derived from a 2014 Colombian government decree stipulating that Colombian schools should cover financial and economic education as subject matter so that kids and youth can better understand the economic situation and the dynamics of the financial system. Some academics in the USA have lately expressed worry, as reported, that American adolescents have created a bad view of trade, partly because of the GameStop incident. This has led to initiatives to alter the views of young people through promotion of pro-stock market education programs comprising simulation of stock market experience and a curriculum to elucidate the fundamental principles of investment.
South Korean academics, on the other hand, are concerned that Millennials’ increased reliance on borrowing-funded speculative assets, like stocks and property, is putting them in an extremely debt position. They have seen how many young people see day trading as a ‘once-in-a-lifetime opportunity’ to break out of financial insecurity, and to assist them in survival in the midst of an unsafe labor market.