Beware of virtual currency troubles

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Problems related to the so-called “virtual currency” which is electronically traded through the Internet are increasing. There are also cases where problems are caused by investing in association with virtual currency exchange. Learn about points to be aware of when using the virtual currency so that you will not be in trouble.

Main Points that we should be aware of

1. Virtual currency is not a “legal currency” that the country guarantees its value like Japanese yen and dollar. It is an electronic data exchanged on the Internet.
2. Virtual currency price may fluctuate. There is a possibility that the price of the virtual currency plummets and loses.
3. Virtual currency exchangers in Japan must be registered in the Financial Services Agency / Finance Bureau. Please confirm from the following URL whether they are a registered business operator.
   https://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf
4. When dealing in virtual currency, be sure to fully understand the business description and risks (price fluctuation risk, cyber security risk, etc.).

Consultation window for complainants

Consumer hotline

TEL: 188

*If you call, you will hear an announcement and you will be referred to your local municipal consumption consultation counter or the Mie-ken Shohi Seikatsu Center

Source: Consumer Agency “Beware of troubles regarding virtual currency!

“消費者庁「仮想通貨に関するトラブルにご注意ください！」

http://www.caa.go.jp/policies/policy/consumer_policy/caution/caution_001/