CFPB received only 7 bitcoin complaints in 2016

Regulation | January 16, 2017 By:

The US Consumer Financial Protection Bureau (CFPB) received only seven complaints related to bitcoin in 2016.

To be more precise, only one of these seven reported is related to virtual currency fraud or a scam. Two complaints are labeled as ‘other transaction issues”, and the rest of the complaints relate to other service issues.” It is evident bitcoin itself is not the problem here, and no complaints regarding the protocol have been filed.

The amount of complaints in other categories dwarfs those in the virtual currency bracket. For example, LendEDU found that 43,841 complaints were made regarding credit reporting; 40,965 for mortgages; and 39,759 for debt collection.

The data could simply be reflective of a relatively low number of consumers using bitcoin services. Conversely, consumers may not know that the CFPB – itself only a five-year-old agency – even takes complaints related to the tech, meaning that other parts of the government could be on the receiving end of complaints.

The CFPB was created in the wake of the financial crisis of the late 2000s as part of a bid to more closely scrutinize financial products and services in the US. The agency began accepting complaints related to digital currencies in August 2014.