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Colombia is investing more than $30,000 to create a gamified software for young learners that replicates cryptocurrency and stock trading.
Colombia’s 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 Brasil, the game was proposed by Henry Jean Velásquez in response to a government appeal for innovative projects that can help foster financial literacy among young Colombians.
As Velásquez has described it, the game, dubbed “B Coin: Learn to Invest in the Stock Market,” simulates the experience of retail trading as follows:
“The user enters at once to invest and competes against two more players […] and has to interpret the movements of the stock market so as to buy and sell at the right time and earn money. S/he can buy stocks, cryptocurrencies, commodities and trade in the forex markets. Each asset has a specific trend that is simple to interpret.”
The government’s appeal for proposals was issued as part of the CREA Digital Call 2021 framework jointly launched by Colombia’s Ministries of Culture and of Science, Technology and Innovation. As a winner, Velásquez will receive 119 million pesos (roughly $31,000) and will be expected to present a transformed version of his proposed game in the form of a downloadable graphic novel for Windows and Android in November. Beginning in December, B Coin will be distributed via popular app stores.
According to Velásquez, as cited in an announcement from the Ministry of Science, Technology and Innovation: “We are improving the project’s graphic and pedagogical aspects. Through creative consensus, we concluded that we are going to transform it into a graphic novel so that it is 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.
According to Velásquez, research undertaken by his company, Gameday, indicated that only 1% of Colombian schools taught economic literacy. His motivation for B Coin was apparently pulled from a 2014 Colombian government decree mandating financial and economic education in Colombian schools so that children and young people might better comprehend economics and the mechanics of the financial system.
As previously noted, some scholars in the United States have recently expressed worry that American teenagers have developed an unfavourable perception of trade, owing in part to the GameStop debacle. This has inspired initiatives to influence the ideas of teenagers by pushing pro-stock market educational programmes, such as virtual stock market experiences and a curriculum meant to elucidate the fundamental tenets of investment.
South Korean experts, on the other hand, are concerned that Millennials’ increased reliance on speculative investments like stocks and cryptocurrency, which are backed by borrowing, is trapping them in a severely indebted scenario.They have observed that many younger people view day trading as a “once-in-a-lifetime opportunity” to break out of their financial precarity and to help them subsist amid an insecure job market, suppressed wages and prohibitively high real-estate prices.