Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

CFPB Gets Real About Bitcoin Risks

By Andrew Ramonas
September 02, 2014

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.”'

Read These Next
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.