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Protecting Consumers in the Digital Currency Economy

“Protecting Consumers in the Digital Currency Economy” presents guiding principles on consumer protection for businesses working with digital currencies and other blockchain-based assets. The document is the culmination of this summer’s Bretton Woods 2016 workshop, hosted by Consumers’ Research, which gathered regulators, legislators, policy-makers, legal experts, and members of the financial services industry.

Project Description

“Protecting Consumers in the Digital Currency Economy” presents guiding principles on consumer protection for businesses working with digital currencies and other blockchain-based assets. The document is the culmination of this summer’s Bretton Woods 2016 workshop, hosted by Consumers’ Research, which gathered regulators, legislators, policy-makers, legal experts, and members of the financial services industry.

The guiding principles document:

  • Outlines the state of consumer protection in the digital currency economy for digital currency industry entities;
  • Presents a consumers’ bill of rights and fourteen guiding principles for consumer protection;
  • Examines the flaws, failures, and weaknesses of existing financial industry frameworks, as well as newer digital currency and distributed ledger products and services;
  • Recommends solutions in the fields of asset security, data privacy, usability, and disclosure & liability.

Over the last few years, federal regulators have been advising the blockchain community to develop a set of best practices to address consumer protection concerns associated with distributive ledgers. That’s exactly what we’ve produced here—the first industry-led, self-regulatory effort in Bitcoin/blockchain, based on conversations and collaboration with an incredible variety of experts.

View the complete guiding principles document below or download here: https://www.scribd.com/document/328743389/BW-2016-Guiding-Principles-Draft-for-Comment

If you’d like to leave feedback on the guiding principles, you can do so here: feedback questionnaire (mobile responsive version)