JAKARTA Cryptocurrencies are increasingly popular with the soaring price of Bitcoin (BTC) and managed to carve a new all-time high (ATH). The rise in BTC has also boosted a number of other crypto assets in the market. This condition has also sparked public enthusiasm in various countries, including those experienced by the younger generation of France.
According to a Franceinfo report, about 15% of French citizens aged 18-24 years have plunged into the crypto world, a figure that far exceeds the national average of 9%. This phenomenon reflects a shift in investment paradigm among the younger generation that is more open to financial innovation.
Although regulations in France prohibit minors from participating on crypto trading platforms, this does not prevent teenagers there from secretly starting crypto trading.
According to a Cryptonews report, Mathias Vallet, a young man who started trading crypto at the age of 19, revealed that tensions and hopes for big profits were the main driver. He has even used the advantages he has made to finance his studies at the university.
At the same time, the increasing wave of crypto investments was apparently followed by increased fraudulent activity aka scamming. According to a TF1 report, hundreds of people have filed complaints against OmegaPro managers, a now-closed crypto investment platform in Paris. Noise totaling, a TV host, is also a victim of image abuse by fraudsters who created fake press articles to promote crypto platforms.
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The Importance Of Financial Education
The French government and financial regulators are faced with the challenge of balancing innovation with consumer protection, especially for young investors vulnerable to fraud. The development of transparent regulations and investor protection mechanisms can prevent exploitation and ensure teens can invest safely.
At a time when the growing trend of crypto investment among French teens, financial education is an important thing to anticipate fraud. Financial education initiatives by financial institutions and the crypto community can help provide the resources needed to understand this volatile market.
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