Cryptocurrency and the law
The law does not prohibit minors from mining and purchasing cryptocurrency. The only problem a child, she says, may face is buying mining equipment. Teenagers from 14 to 18 years old, on the basis of the Civil Code, can conduct any transactions with the written consent of their parents. Also, the legislation allows them to independently, without the consent of their parents, adoptive parents and trustee, dispose of their earnings, scholarships and other income. Children under 14 do not have this right.
Correct attitude
The child needs to be informed that cryptocurrency is a speculative asset, so it cannot be considered as a substitute for fiat currencies. According to her, despite the lack of financial literacy lessons, there is a phenomenon of schoolchildren-traders in Russia and other countries. At 14 years old, some teens can have an impressive investment portfolio. Usually, these children are supported by financially active parents who are open to financial dialogues with their children and provide some freedom in this regard. They don’t teach that at school.
It is important to teach how to spend money in an interesting and useful way in order to form a taste for making money and investing, to tell the basics of increasing money – at this point they will know what an asset is and what a liability is. An asset is something that grows over time, or makes money right now. In this sense, cryptocurrencies are the same asset.
Cryptocurrencies today allow teenagers to experiment, as well as learn trading and investing from their own mistakes and lose very little money at the same time.
Having bought a little-known altcoin today at a price of less than a dollar, in a year it can show an increase of hundreds of percent. Of course, there will be some assets that will bring a loss, but this should be considered as a financial experience.
