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Consumer Financial Protection Bureau issues warning about bitcoins

The CFPB isn't a big fan of bitcoins, warning consumers that it can easily be more of a financial headache than its worth

| Business, Financial & Legal News | Posted: Aug 11, 2014 6:26 pm

The Consumer Financial Protection Bureau (CFPB) recently issued an advisory against the use of bitcoins and cryptocurrencies, saying there are far too many uncertainties. As such, bitcoins are popular targets for hackers and may lead to higher costs than cash and credit cards because of exchange rates and other considerations.


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Furthermore, there is an increase in the amount of bitcoin-related fraud, and bitcoin wallet companies are struggling to stay secure from attack.


"Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage them in the market," said Richard Cordray, CFPB Director, in a statement.


Even with such negative attention focused on bitcoins, a growing number of consumers and businesses are still willing to give the cryptocurrency a try.


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