Digital Currencies Such As Bitcoin Compared To The Wild West

  • Playlist
  • Download
  • Embed
    Embed <iframe src="http://www.npr.org/player/embed/339753016/339753017" width="100%" height="290" frameborder="0" scrolling="no">
  • Transcript

The Consumer Financial Protection Bureau warns of volatile exchange rates, possible exposure to hackers, and the fact that, unlike hard currency, Bitcoin isn't backed by the federal government.

DAVID GREENE, HOST:

The Consumer Financial Protection Bureau is telling consumers to be wary of Bitcoin and other digital currencies. They warn of volatile exchange rates, possible exposure to hackers and the fact that, unlike hard currency, Bitcoin is not backed by the federal government. The director of the Consumer Financial Protection Bureau actually compared these digital currencies to the wild west. An executive from Bitcoin acknowledged the risks and volatility of the digital currency - pointing out that it is still very new technology. But he said it should stabilize in the next 10 to 15 years. In the meantime, the Consumer Financial Protection Bureau will begin accepting complaints from people who use Bitcoin and products like it.

Copyright © 2014 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.