Consumer Financial Protection Bureau Director Richard Cordray testifies before the House Small Business Committee August 1, 2012 in Washington, DC. The committee held a hearing on the topic of "Know Before You Regulate: The Impact of CFPB Regulations on Small Business."
Win McNamee/Getty Images
By TIME Video
August 12, 2014

The Consumer Finance Protection Bureau released a report Monday concluding that virtual currencies, such as Bitcoin, offer less protection than regular currencies and can be vulnerable to outrageous mark-ups, online scams and hackers.

In addition to publishing the report, the bureau has also added a virtual currency section to their complaint page where people who have run into problems with Bitcoin or other similar currencies can register their issues.

According to, there are more than 13 million units of virtual currency around the world.

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