The U.S. Consumer Financial Protection Bureau: we will continue to monitor the bitcoin
The U.S. Consumer Financial Protection Bureau (CFPB) on the 11 August consumer warning triggered a different reaction in the bitcoin community. This warning is trying to tell the public about potential risk bitcoin ecosystem, and director of the CFPB Richard Cordray will be the ecological system to a virtual “wild west”. After the release of guidance, CoinDesk and CFPB were contacted to learn how to introduce the mechanism and digital currency bitcoin to its staff, and it emphasizes the bitcoin ecosystem attention. Although the agency suddenly stop processing bitcoin industry concerns, the United States consumer protection group spokesman told the CoinDesk that the agency is still active in efforts to understand the potential problem of consumer protection caused all of emerging technologies, and bitcoin is precisely a part of the first task.
CFPB said the announcement:
“We will continue to carefully monitor the development of the digital currency, as they relate to consumer financial markets, if necessary, we will take appropriate measures.” CFPB declined to comment on its guiding wording. However, the agency believes that its primary task is to fulfill the responsibility of protecting American consumers.
The consumers in the first place
CFPB CoinDesk guide to further understand more comprehensive information about the organization, its purpose is the nature of bitcoin statement issued by the CFPB. For example, CFPB stressed that it is a task of consumers are facing in the financial market and so that they have the ability to make the right decision. The agency said: “the CFPB is created in the wake of the financial crisis, it is the consumer’s backing, and the obligation to ensure that they get a fair deal in the consumer finance market. The use of tools and financial education to help consumers is the core to fulfil its mission.”
The evolution of federal bitcoin policy
CFPB said it is indeed the federal policy of cooperation with a number of research institutions of bitcoin, but it does not explain these organizations will assess what problem. Asked about the previously released Government Accountability Office (GAO) report, CFPB said it is currently working with the following organizations to carry out cooperation, to better understand the digital currency and its influence:
The Financial Action Task Force (FATF)
Bank fraud enforcement group
International organized crime and intelligence operations center (IOC-2)
Ad hoc Working Group on terrorist financing working group — a new payment system
The virtual currency of new threats working group.
CFPB is the first to be exposed to focus on the United States bitcoin policy mechanism.