As I have previously discussed, virtual currency is a growing market with over 200 currencies for investors to choose from. The Consumer Financial Protection Bureau (CFPB) is now warning consumers of the risks of using virtual currency. In a Consumer Advisory issued on Tuesday, the CFPB, warned consumers of the risks of hackers, scams, and the lower level of built in protection when using virtual currency. The CFPB also informed the public that they can now report virtual currency related complaints to the CFPB’s consumer complaint database.
See Allyson B. Baker, Suzanne F. Garwood & D.E. Wilson, Jr., CFPB Issues Consumer Advisory Concerning Virtual Currency, Mondaq, Aug. 12, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
