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Michigan Attorney General Warns Against Virtual Currency

One hundred dollar notes are seen in this photo illustration. REUTERS/Lee Jae-Won
One hundred dollar notes are seen in this photo illustration. REUTERS/Lee Jae-Won

UNDATED (WHTC) -- The Michigan Attorney General is advising citizens to consider all the risks before buying any virtual currency so that they can make an informed decision.  AG Bill Schuette said that “virtual” or “digital” currency is not backed by the U.S. or any other government.  Because it is also unregulated and uninsured, individuals and businesses have very limited recourse if there is a problem.  The dollar is accepted legal tender but no one is required to accept virtual currency as a form of payment.  More information regarding virtual currency can be found at http://michigan.gov/difs

Story by:  Diane E Coston

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