Consumers should be cautious when using bitcoin and alert the U.S. Consumer Financial Protection Bureau to any problems with the virtual money, the agency said Monday after a government watchdog this summer urged the CFPB to engage more on the currency.
In a six-page consumer advisory on bitcoin and other virtual currencies, the CFPB warned that the monies are susceptible to hackers and fraudsters, can cost more to use than cash or credit cards, and have fewer protections than traditional money. Bitcoin and other similar currencies aren’t legal tender in any jurisdiction and the U.S. government doesn’t insure them, the advisory noted.
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