Warning about Bitcoin and other cryptocurrency from Secretary of State Connie Lawson
With cryptocurrencies continuing to attract headlines, Indiana Secretary of State Connie Lawson reminded Hoosier investors to be cautious about investments involving cryptocurrencies. Cryptocurrencies are a medium of exchange that are created and stored electronically in the blockchain, a distributed public database that keeps a permanent record of digital transactions. Current common cryptocurrencies include Bitcoin, Ethereum and Litecoin. Unlike traditional currency, these alternatives have no physical form and typically are not backed by tangible assets. They are not insured or controlled by a central bank or other governmental authority, cannot always be exchanged for other commodities, and are subject to little or no regulation. The Indiana Securities Division can help investors research the background of those selling or advising the purchase of an investment. The Securities Division can be reached at 317-232-6681 or through its website at www.IndianaMoneyWise.com.
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