Only a few people would argue that mainstream adoption of cryptocurrencies will be a result of a constant and conscious effort to educate the non-crypto community about how the new payment tool works.
One of such broad efforts was recorded in Malawi this week and came as heartwarming given that an earlier report revealed a government warning that citizens seriously stay away from cryptocurrencies and related schemes.
According to a local news site, MaraviPost, the commercial law clinic at the Faculty of Law— Chancellor College — of the University of Malawi recently organized a seminar with the theme: ‘Cryptocurrencies and financial crimes: Opportunities and Challenges.’
Speaking at the event, Dr. Sunduzwayo Madise, reportedly a Dean of the institution’s Faculty of Law explained to the students that cryptocurrencies have the same characteristics as fiat money offer other features such as the anonymity provided by the use of cryptography.
The educator further explained that while regulators prefer to refer to cryptocurrencies as crypto assets, the new innovative tool can serve as money by serving as a medium of exchange, a store of value, and as a unit of account.
Dr. Madise also reportedly expressed the view that despite the task of regulating crypto being a difficult one, regulators in the country and especially the central bank needed to step up their game.
He conclusively advised the audience to be careful while dealing with cryptocurrency as they could lose their assets to fraudsters, a situation that the report said recently surfaced in the country.
Meanwhile, students who attended the seminar confirmed that they were hearing about the concept of cryptocurrency for the first time with more knowledgeable ones proposing ideas that could help the country regulate the emerging industry.