U. S. Consumer Financial Protection Bureau Seeks to Give Bitcoin More Attention
A new report from Bloomberg suggests that bitcoin is about to get a whole lot more attention from the United States Consumer Financial Protection Bureau. The investigative arm of the United States Congress, The Government Accountability Office had written in what has been described as a confidential report that the Consumer Financial Protection Bureau needed to be more active in the field of creating digital currency policies. The Bureau responded to the Government Accountability Office in agreement: "We're looking forward to increasing our involvement in formal working groups as they....
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The former Deputy Director of the United States Consumer Financial Protection Bureau Raj Date is investing in bitcoin. He appeared on CNBC on Wednesday to discuss the digital currency, which he remains vocally bullish on. "The things I like about innovation in consumer finance, like bitcoin, like digital currency, is the exact reason I went to the Consumer Financial Protection Bureau," he said. "How is it that you can take new ideas and make the system work better for people?" Asked whether or not he thinks bitcoin needs regulation, Date said "Absolutely". "The potential for digital....
Following up on an article in which the United States Consumer Financial Protection Bureau (CFPB) was aiming to give bitcoin more attention comes a potentially controversial statement from the Bureau's Director, reports The Hill. The watchdog bureau is waving the flags of caution for those who may be interested in getting involved with the digital currency, or any other cryptocurrency, adding these emerging payment forms carry "significant risks." "Virtual currencies may have potential benefits, but consumers need to be cautious and they need to be asking the right questions," said CFPB....
Banks in the United States - and other parts of the world - remain hesitant of Bitcoin and what it brings to the table, though. The Consumer Financial Protection Bureau issued a warning about Bitcoin and virtual currencies back in 2014. Ever since that date, the group has been collecting complaints by American consumers when it comes to financial products and services. In 2016, the CFPB received only seven complaints related to Bitcoin, which is a surprisingly low number. It appears consumers are more concerned over their mortgage, credit reporting, and debt collection. The numbers....
The full GAO report is now available and can be found here. The US Consumer Financial Protection Bureau (CFPB), an independent federal agency tasked with policing financial products, is preparing to take its first steps toward increasing oversight of bitcoin following a request from a separate government agency. Bloomberg reports that the Government Accountability Office (GAO), which oversees Congressional spending and policies, formally asked the CFPB to look into digital currencies earlier this year. In a letter obtained by Bloomberg, the GAO said that it wants US consumer finance....