The CFPB announced Monday it's accepting complaints fromconsumers about virtual currencies such as bitcoin.

The CFPB warned consumers about significant dangers of virtualcurrencies, such as a lack of protection. The bureau remindedindividuals that the FDIC and the NCUA do not insure virtualcurrency accounts, so any losses are not covered.

“Virtual currencies may have potential benefits, but consumersneed to be cautious and they need to be asking the rightquestions,” CFPB Director Richard Cordray said. “Virtual currenciesare not backed by any government or central bank, and at this pointconsumers are stepping into the Wild West when they engage in themarket.”

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