28 Jun '14, 1pm

Ramp Up Role in Bitcoin: US Watchdog to Consumer Agency

Ramp Up Role in Bitcoin: US Watchdog to Consumer Agency

The US Consumer Financial Protection Bureau should play a bigger role in shielding people against risks from virtual currencies such as Bitcoin, a government watchdog said on Friday. Federal regulators have started working together to gauge the risk in these virtual currencies, which are generated by computers outside the control of governments. But their efforts have mainly centered on money laundering, and the CFPB, a new agency set up after the 2007-09 crisis, had not participated in these discussions, it said. "Recent events suggest that consumer protection is an emerging risk," the report by the Government Accountability Office said. However, "participation by the federal government's lead consumer financial protection agency, CFPB, has been limited". For that reason, the CFPB should take part in these discussions between the agencies, the report said. The CFPB had ag...

Full article: http://profit.ndtv.com/news/forex/article-ramp-up-role-in...

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