VIRTUAL CURRENCIES

Have your customers been asking about virtual currencies, such as Bitcoin? Do you have answers for their questions?

Occasionally the Consumer Financial Protection Bureau (CFPB) lives up to their name. Recently the CFPB published a very helpful Consumer Advisory entitled Risks to Consumers Posed by Virtual Currencies.

The Advisory explains how virtual currencies work and various risks associated with the product. It includes several real world stories of losses resulting from fraud and mishandling of virtual currencies.

A copy of the Consumer Advisory is available here.

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