CFPB Warns on Bitcoin

A consumer protection agency has issued an advisory warning on Bitcoin, re-enforcing negative stereotypes, and indicates it may intervene to support consumers with fraud complaints. The Consumer Financial Protection Bureau (CFPB), a government agency designed to protect consumers from financial fraud, issued an advisory warning on the “digital currency,” which many have also referred to as a payment transfer methodology. CFPB refers to Bitcoin as stepping into the Wild West “Consumers are stepping into the Wild West,” when they use Bitcoin, CFPB Director Richard Cordray was quoted as saying to AP. In its advisory warning, the agency cites the four top issues…