Contact Us
Make My Homepage

US agency warns consumers about Bitcoin risks

WASHINGTON (AP) — Federal regulators are warning consumers about the risks of using virtual currencies such as Bitcoin.

 Silver coins with the Bitcoin logo
Silver coins with the Bitcoin logo (Andrew Burton/Getty Images)

The Consumer Financial Protection Bureau says it will begin fielding complaints from people who rely on products such as Bitcoin and online exchanges for such currencies.

In issuing an advisory warning, the agency notes that the currencies are not backed by the government, have volatile exchanges rates and are targeted by hackers and scammers. And unlike bank accounts, Bitcoin-based deposits are not federally insured.

CFPB Director Richard Cordray says in a statement that “consumers are stepping into the Wild West.” Still, Cordray acknowledges that virtual currencies can facilitate online transactions by making it easier to process payments.

The Securities and Exchange Commission previously issued an investor alert about virtual currencies.

(© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!