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Volume 25 - Number 14

July 7, 2014

GAO Report Suggests CFPB Get Involved in Virtual Currencies

Late last month, the Government Accountability Office released a report on virtual currencies such as Bitcoin, including a recommendation that the CFPB identify and join existing interagency working groups to ensure that consumer protection issues are taken into consideration. “CFPB might be a relevant participant in a broader set of collaborative efforts on virtual currencies because virtual currency systems provide a new way of making financial transactions, and CFPB’s responsibilities include ensuring that consumers have timely and understandable information to make responsible decisions about financial transactions,” the GAO said. According to the report, CFPB officials said they are reviewing how the bureau’s consumer protection responsibilities are implicated by consumer use (or potential use) of virtual currencies. “CFPB officials said they ...

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