In recent statements, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), indicated that they are analyzing applying the same guidelines to cryptocurrencies that apply to electronic banking.

The main objective of the regulatory body, as well as the Electronic Fund Transfers Act (EFTA), is to reduce cybercrimes with these assets and fraud, in favor of the protection of users.

Chopra said: “To reduce the harm of errors, hacks, and unauthorized transfers, the CFPB is exploring the possibility of providing additional guidance to market participants to answer their questions about the applicability of the Electronic Transfer Act. of Funds with respect to private digital dollars and other virtual currencies.”

It is important to remember that the EFTA is a federal law, passed in 1978, in order to protect users’ electronic fund transfers, “whether through debit cards, ATMs or bank accounts, and its objective is to limit losses of consumers due to unauthorized transfers.”

The regulators’ proposal to apply the same electronic banking laws to digital currencies comes at a time when hacks of these assets reach 150 %. In connection with this issue, Chopra noted that the CFPB will issue orders to “certain large technology companies to obtain information about their business practices regarding the use of personal data and the issuance of private currencies.”

The official clarified that the body he presides will analyze the possibility of examining non-banking entities that offer payment platforms.

M.Pino

Source: cointelegraph

(Reference image source: Shubham’s Web3, Unsplash)

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