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▼ Consumer Centers Receive Increasing Inquires About Virtual Currencies
- Category:Event
TOKYO - Japan's consumer affairs centers received more than 2,000 inquiries over issues related to bitcoin and other virtual currencies last year, about a 3.4-fold increase from the previous year, people familiar with the matter said Wednesday.
While cryptocurrencies have been increasingly recognized by the public, the number signals more people traded unconventional currencies without sufficient knowledge and, in some cases, incurred losses from volatility in their prices.
The inquiries made at the National Consumer Affairs Center of Japan totaled 2,071 last year, compared with 616 in 2016 and 452 in 2015.
Bitcoin, which traded at around 100,000 yen ($910) in early 2017, briefly topped 2.3 million yen in December. It has recently fetched about 1.2 million yen.
"We want people to stop trading virtual currencies without understanding the transaction system and risks because it is dangerous," an official of the national consumer center warned.
Among those who made inquires, a man in his 40s reported that he had sent 400,000 yen to an account designated by a virtual currency company. But the company closed its business right after his payment and he became unable to confirm whether he actually purchased the currency.
Another man in his 50s reported that his virtual currency deposited at an exchange was traded by someone through unauthorized access. He said the exchange did not accept his claim over the phone and he did not know what to do.
© KYODO
While cryptocurrencies have been increasingly recognized by the public, the number signals more people traded unconventional currencies without sufficient knowledge and, in some cases, incurred losses from volatility in their prices.
The inquiries made at the National Consumer Affairs Center of Japan totaled 2,071 last year, compared with 616 in 2016 and 452 in 2015.
Bitcoin, which traded at around 100,000 yen ($910) in early 2017, briefly topped 2.3 million yen in December. It has recently fetched about 1.2 million yen.
"We want people to stop trading virtual currencies without understanding the transaction system and risks because it is dangerous," an official of the national consumer center warned.
Among those who made inquires, a man in his 40s reported that he had sent 400,000 yen to an account designated by a virtual currency company. But the company closed its business right after his payment and he became unable to confirm whether he actually purchased the currency.
Another man in his 50s reported that his virtual currency deposited at an exchange was traded by someone through unauthorized access. He said the exchange did not accept his claim over the phone and he did not know what to do.
© KYODO
- January 31, 2018
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