Oregon state government warns consumers about cryptocurrencies

(JANUARY 28, 2022) The Oregon state government has a warning for consumers. Be careful when you spend money on things like cryptocurrencies, nonfungible tokens, or other new kinds of investments.

Cryptocurrencies are like money, but they are only digital. There are no paper bills or metal coins. The currency is not supported by a government. Instead, people buy, use, and sell the money electronically.

A nonfungible token (NFT) is a unique unit of data. NFTs are often connected to digital works of art, photos, and videos. They are only electronic, but they cannot be copied. This creates their value.

The state says these new financial tools have a lot of risk. There are many kinds of cryptocurrencies. However there are very few laws about them. So there are also many scams. A scam is a way for criminals to cheat other people. For example, criminals offer fake deals and take money from consumers.

The Oregon state government recommends research in order to know the investment better. The government also suggests working with a digital currency exchange that has a license from the state. Finally, the state warns people not to use money they need for other things, such as food, housing, or transportation.

Consumers who have questions can call the Oregon state government offices at 866-814-9710 to learn more.