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Department Issues Consumer Guidance on Virtual Currency

Department Issues Consumer Guidance on Virtual Currency

April 30, 2014

FOR IMMEDIATE RELEASE:

Atlanta, Georgia - The Department of Banking and Finance (Department) has issued guidance in order to provide consumers with information about virtual currency and factors consumers should consider when transacting with or investing in virtual currency.  

Specifically, the guidance encourages consumers to consider the following before investing in virtual currency:

  • Virtual currencies are volatile in value.
  • Virtual currencies can be stolen or otherwise subject to cybercrime.
  • Virtual currencies have been connected to criminal activities.
  • Virtual currencies and companies dealing in virtual currencies may or may not be regulated.
  • Virtual currency transactions may be taxable.
  • Do your homework.

Read the guidance on the Department’s website at: http://dbf.georgia.gov/sites/dbf.georgia.gov/files/related_files/document/consumer-advisory-virtual-currencies.pdf