As bitcoin continues to grow in
popularity, state regulators in Massachusetts and others around the country are
taking a closer look at virtual currencies. Leading the regulations is The
Emerging Payments Task Force, which is made up of nine state regulators from
around the country. The task force will look at everything from bitcoin to
mobile payments. Barbara Anthony, undersecretary of the Massachusetts Office of
Consumer Affairs and Business Regulation, says that one of the key issues with
regulating virtual currencies is that average consumers may be interested in
bitcoin, but they are not aware of some of the risks. "Consumers and
average consumers need to know that there are certain drawbacks to trading in a
virtual currency," Anthony said. "The kinds of consumer protections
that we're used to, people have to understand they are not available to virtual
currencies." Anthony warns consumers to be aware that volatile worth and
the fact that there is no central authority that guarantees bitcoin’s worth are
major issues related to bitcoin.
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