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Volume 25 - Number 17

August 18, 2014

CFPB Warns Consumers About Virtual Currencies Like Bitcoin

Last week, the CFPB warned consumers about the potential risks associated with “virtual” currencies such as Bitcoin, and indicated it is now accepting consumer complaints about such products and services. Potential issues with virtual currencies identified by the bureau include unclear costs, volatile exchange rates, the threat of hacking and scams, and the possibility that companies may not offer help or refunds for lost or stolen funds. “Virtual currencies may have potential benefits, but consumers need to be cautious and they need to be asking the right questions,” said CFPB Director Richard Cordray. “Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the ...

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