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CFPB Gets Real About Bitcoin Risks
Consumers should be cautious when using bitcoin and alert the U.S. Consumer Financial Protection Bureau (CFPB) to any problems with the virtual money, the agency said last month after a government watchdog this summer urged the CFPB to engage more on the currency.
In a six-page consumer advisory on bitcoin and other virtual currencies, the CFPB warned that the monies are susceptible to hackers and fraudsters, can cost more to use than cash or credit cards, and have fewer protections than traditional money. See, “Risks To Consumers Posed By Virtual Currencies.”'
Bitcoin and other similar currencies aren't legal tender in any jurisdiction and the U.S. government doesn't insure them, the advisory noted.
Along with the notice, the CFPB announced that individuals who may have trouble with the monies can submit a complaint to the agency online through www.consumerfinance.gov/complaint. The agency will use the grievances to “better understand the virtual currency market and its effect on consumers” and take consumer protection law enforcement and policy steps, if warranted, according to an August 11 news release entitled “CFPB Warns Consumers About Bitcoin.”'
In June, the U.S. Government Accountability Office (GAO), the investigative arm of Congress, said in a report on the consumer protection challenges associated with virtual currencies that the CFPB hasn't played an active role in multiagency talks on the monies, which could face regulation from several agencies.'Citing the CFPB's focus on consumer protection for financial products and services, the GAO called on the agency to participate more in the discussions.
“Virtual currencies may have potential benefits, but consumers need to be cautious and they need to be asking the right questions,” CFPB director Richard Cordray said in a statement on his agency's advisory. “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 market.”
Jim Harper, global policy counsel for The Bitcoin Foundation (bitcoinfoundation.org), an advocacy group for the digital currency, said warnings about the money aren't new.
“There are consumer risks around new technologies, and even-keeled educational material from government agencies can help make consumers aware and savvy,” he said in a statement.
Consumers should be cautious when using bitcoin and alert the U.S. Consumer Financial Protection Bureau (CFPB) to any problems with the virtual money, the agency said last month after a government watchdog this summer urged the CFPB to engage more on the currency.
In a six-page consumer advisory on bitcoin and other virtual currencies, the CFPB warned that the monies are susceptible to hackers and fraudsters, can cost more to use than cash or credit cards, and have fewer protections than traditional money. See, “Risks To Consumers Posed By Virtual Currencies.”'
Bitcoin and other similar currencies aren't legal tender in any jurisdiction and the U.S. government doesn't insure them, the advisory noted.
Along with the notice, the CFPB announced that individuals who may have trouble with the monies can submit a complaint to the agency online through www.consumerfinance.gov/complaint. The agency will use the grievances to “better understand the virtual currency market and its effect on consumers” and take consumer protection law enforcement and policy steps, if warranted, according to an August 11 news release entitled “CFPB Warns Consumers About Bitcoin.”'
In June, the U.S. Government Accountability Office (GAO), the investigative arm of Congress, said in a report on the consumer protection challenges associated with virtual currencies that the CFPB hasn't played an active role in multiagency talks on the monies, which could face regulation from several agencies.'Citing the CFPB's focus on consumer protection for financial products and services, the GAO called on the agency to participate more in the discussions.
“Virtual currencies may have potential benefits, but consumers need to be cautious and they need to be asking the right questions,” CFPB director Richard Cordray said in a statement on his agency's advisory. “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 market.”
Jim Harper, global policy counsel for The Bitcoin Foundation (bitcoinfoundation.org), an advocacy group for the digital currency, said warnings about the money aren't new.
“There are consumer risks around new technologies, and even-keeled educational material from government agencies can help make consumers aware and savvy,” he said in a statement.
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