CFPB: risk is embedded in digital money
The CFPB has recently issued a consumer advisory which recognises virtual currencies’ potential in technology development, but highlights their shortcomings, some of which are critical.
The advisory also triggers attention to tax paying issues, such as the possibility of paying more using virtual currency than paying with USD, risk of losing money if users send virtual currencies to the wrong person and large changes in prices of virtual currencies.
The bureau also said that consumers can file complaints regarding virtual currencies with the CFPB.
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