Crypto initiatives reflect rising momentum

November 2021 ushered in Crypto Literacy Month, marking a new era in cryptocurrency's journey from emerging to mainstream technology. The initiative, designed to promote education and awareness of this digital commerce option, was the brainchild of CryptoLiteracy.org, a consortium of industry insiders Coinme, CoinDesk and Digital Currency Group. Neil Bergquist, CEO and co-founder of Coinme, described the initiative as a way to champion equal access to digital currencies.

"Our industry needs to do more to improve crypto literacy throughout the world," Bergquist said. "By doing so, we can help people improve their lives by understanding how to utilize cryptocurrencies."

Bergquist further noted that the CryptoLiteracy.org website features a Crypto Literacy Quiz, where people can test their knowledge and a range of interactive opportunities where people can participate in surveys and educational curricula.

Mainstream adoption

On another front, oline gift card provider GiftChill disclosed Nov. 1, 2021, that customers can now buy gift cards with cryptocurrencies, including bitcoin. Company representatives stated that transactions are secure and customers can receive weekly offers on popular cards.

GiftChill customers can use cryptocurrency to purchase Amazon, Fortnite V-bucks, Google Play, iTunes, Nintendo Store, PlayStation Network, Roblox, Steam, the Xbox Store and other leading brands. GiftChill accepts bitcoin, bitcoin cash, ethereum, and litecoin, securely routing transactions through CoinBase, the company stated.

Rising cryptocurrency adoption is also reflected by the President's Working Group Interagency Report on Stablecoins, which calls for congressional oversight of stablecoin issuers and wallets. The Electronic Transactions Association is supportive of regulating cryptoassets, according to Jodie Kelley, CEO at ETA.

"ETA members are leaders in payments and the use of cryptoassets," Kelley said. "The key to adoption of cryptoassets, including stablecoins, is a positive regulatory framework. By calling for appropriate and proportionate oversight, the report starts the important process to achieve certainty and predictability for stablecoins."

Test your knowledge

Through its recent Crypto Literacy survey, CryptoLiteracy.org found that 99 percent of Brazilian and Mexican consumers surveyed and 99 percent of American respondents are unable to answer basic cryptocurrency questions. This is what prompted the organization to make November 2021 the first annual Crypto Literacy Month, representatives stated.

Researchers also found that cryptocurrency owners, including bitcoin owners in Brazil, Mexico and the United States, tend to be younger, wealthier and "more male" than the overall population. Although the vision of crypto and bitcoin is to create greater economic inclusion, the results show adoption is not equalized, they noted. Additional insights from the annual survey will be available on the website with a downloadable report at cryptoliteracy.org/2021report.

As part of its efforts to bridge educational gaps and promote basic cryptocurrency knowledge, CryptoLiteracy.org is challenging people around the world to test their crypto comprehension and identify areas in need of improvement, with coursework curated by CoinDesk. Are you ready to take the Crypto Currency Challenge? Test your own knowledge of cryptocurrency by visiting cryptoliteracy.org/.

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