CFPB Introduces Virtual Currency to its Complaints Page

The Consumer Financial Protection Bureau has added a “Virtual Currency” feature to its Money Transfer complaint page, dedicated to concerns surrounding Bitcoin and other virtual currencies. While the complaints page may be considered by some to indicate the federal concerns surrounding virtual currencies, the CFPB maintains it is keeping an open mind on the matter;

The CFPB will use all complaints to better understand the virtual currency market and its effect on consumers.”

Bitcoin and other virtual currencies, such as Dogecoin, remain both celebrated and doubted. The benefits of virtual currency, such as its efficiency, are becoming clear to the public and to policy makers. However, officials still urge consumers to be wary of the risks involved associated with virtual currencies, especially one which, at this time, lacks federal backing. Despite this concerns, virtual currency continues to make headway and cement itself as a growing part of everyday life. While the addition of virtual currency on the CFPB’s complaint page could be interpreted as an indication of growing doubt, the inclusion of the currency on the page also includes it on the list of currencies already considered “legitimate.”

 

Read more here- “Consumer Bureau Now Taking- And Expecting- Bitcoin Complaints,” (Nancy Scola, The Washington Post)

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Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.

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