US Consumer Agency prepares to protect Bitcoin shoppers
This morning Douwe Miedema, a reporter with Reuters, is reporting that a U. S Government watchdog has told the U. S. Financial Protection Bureau, a primary Consumer Agency, that they should play a bigger role in protecting and shielding consumers from risks associated with virtual currencies. Reuters have also reported that Federal Regulators have begun to work together to gauge the level of risks associated with cryptocurrencies. This is the first time that a U. S. Government consumer agency has been told to prepare to protect consumers that choose to shop using a currency that was....
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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....
Savvy seasoned shoppers know to skip the black friday shopping mayhem for the relaxed comfort of shopping from their home on cyber monday. Cyber monday is the day online shopping skyrockets through the roof. According to Adobe Systems 2013’s Cyber Monday saw an increase of 16% from 2012 to an astonishing record $2.29 Billion in sales. (USA Today) This year, shoppers will not have to wait for Cyber Monday to get crazy discounts on their online purchases. With bitcoin, shoppers can save up to 25% shopping online with Amazon starting NOW. That’s right, anything you can buy on Amazon, you can....
The CFPB, the government agency overseeing consumer protection in the financial sector has not included bitcoin and other virtual currencies and related products from its new prepaid regulatory requirements. Virtual currencies like bitcoin and related products are outside the scope of a newly amended prepaid regulation [PDF] by the Bureau of Consumer Financial Protection (CFPB), a new final ruling on Wednesday revealed. Revealing the process prior to the ruling, the governmental agency revealed that a number of commentators weighed in on to facilitate the Bureau’s decision. Those who....
Despite the large concentration of Bitcoin and other cryptocurrency related activities in China, a new report suggests that a tiny proportion of online shoppers in the world’s most populated country use the top digital currency. The study, based on a 20-minute digital survey with a nationally representative sample of 1,000 online digital shoppers ageing 18+ in the U.S. and China, conducted between Sept. 19 and Oct. 12, 2016, says credit cards, online payment services and mobile wallet still tops the list of the most used online payment method by device among US and Chinese shoppers....