CFPB Director Warns That Bitcoin Market is a "Wild West"
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....
Related News
The US Consumer Financial Protection Bureau (CFPB) incited a mixed response from the bitcoin community on 11th August when it issued a new warning to US consumers. The release evoked sometimes strong language in an attempt to warn the public about the potential dangers of engaging with the bitcoin ecosystem, with CFPB Director Richard Cordray likening the ecosystem to a virtual 'Wild West'. Following the release of the guidance, CoinDesk reached out to the CFPB for more details on how the agency has been working to educate its employees and consumers about bitcoin and digital currency, and....
The US Consumer Financial Protection Bureau (CFPB) has issued a new warning to consumers, advising that they should exercise caution when engaging with the bitcoin and digital currency markets. The CFPB advisory urges consumers to be vigilant as there are risks to consider when dealing and transacting with digital currency; namely, volatile exchange rates, unclear costs, security threats posed by hackers and scammers and the possibility that companies may not always be able to provide help or refunds for lost or stolen funds. Notably, the news comes two months after the Government....
On June 6, the Web3 entertainment company Gala Games announced that the Wild West-focused battle royale blockchain game Grit will soon be available via the Epic Games Store and accessible to 194 million users. The well known company Epic Games is the producer of the Unreal Engine and the popular online video games Fortnite and Gears of War.
Blockchain-Powered Grit Gets Added to the Epic Games Store — Gala Games Exec Says Epic Listing Brings Legitimacy to This New Genre of Gaming
The Epic Games Store currently hosts a blockchain video game called Grit, a Wild West-based....
New data shows American consumers filed a total of just seven complaints with the US Consumer Financial Protection Bureau (CFPB) in 2016. The CFPB was created in the wake of the financial crisis of the late 2000s as part of a bid to more closely scrutinize financial products and services in the US. The agency began accepting complaints related to digital currencies in August 2014. Now, student loan marketplace LendEDU has scraped data from the CFPB's public complaints database, finding that, of the nearly 190,000 complaints filed over the course of 2016, only seven of them related to....
Members of the Consumer Financial Protection Bureau (CFPB) have determined that issues surrounding digital currencies and any related products and services are outside their jurisdiction, and not liable to be covered or handled under their regulations. The CFPB is an independent, government agency that works to protect consumer activity in financial sectors. Typically, services are limited to customers of commercial banking firms, credit card companies, payday lenders, securities firms, and mortgage and foreclosure groups. While virtual currencies continue to add to their rosters of....