By Zuko Komisa
There is a rise in young people immersing themselves in the world of cryptocurrencies.
Kaya Biz with Gugulethu Mfuphi spoke Asheer J. Ram, a senior lecturer at the University of Witwatersrand about this new phenomenon of young people opting to explore this very unique path as a way to make money.
LISTEN TO THE FULL CONVERSATION HERE:
Moneyweb reports that Young people in the townships are tempted by the promise of rapid riches with cryptocurrencies, but they run the danger of losing money or falling for scammers.
According to the United Nations trade agency, South Africa ranked eighth globally in terms of public crypto ownership; 7.1% of the people possessed digital currency in 2021, more than in Britain or Brazil (UNCTAD).
Among African countries, Kenya and Nigeria have high levels of ownership.
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Ram cautions that the crypto space by virtue no the lack of regulation poses many risks for those who partake in it.
“One of the big issues within this space of cryptocurrencies and even like NFTs is the lack of regulation, it’s very important that everyone understands that if you compare crypto to like say shares or even rands… they are very regulated spaces, listed shares and companies have to adhere to listing requirements with financial statements etc.
“In a space of crypto that doesn’t exist. it’s almost like a wild risk situation where there’s like thousands of these coins or tokens and there’s no oversight.” says Ram,
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