LANSING, Mich. (WILX) – Michigan Lawyer Common Dana Nessel, Michigan Division of Licensing and Regulatory Affairs (LARA) Director Orlene Hawks, and Michigan Division of Insurance coverage and Monetary Companies (DIFS) Director Anita Fox are issuing a client alert to assist Michiganders shield themselves when utilizing (or investing in) cryptocurrency as a substitute of foreign money issued by the U.S. Treasury.

“As cryptocurrency recognition grows, so will the prevalence of scams,” Nessel mentioned.

The alert explains basics about digital currency, virtual currency and cryptocurrency.

In keeping with a recent article from the Wall Street Journal, the worth of the entire cryptocurrency market is greater than $2 trillion, up from $260 billion a 12 months in the past.

Some common cash embrace:

  • Bitcoin
  • Polygon
  • Ethereum
  • 1inch
  • Cardano

Listed here are some suggestions in case you are excited by investing in cryptocurrency:

  • Analysis earlier than you make investments and search on-line utilizing the corporate title in addition to the cryptocurrency title; add “overview”, “rip-off”, or “criticism” to your search.
  • By no means wire or present any bank card or checking account info till you take a look at the funding first.
  • Earlier than utilizing a digital cost app, reminiscent of Venmo, ensure you perceive the phrases and situations of utilizing and transferring totally different currencies by way of the app. 
  • Watch out once you see a star endorsement.

“As with every sort of potential funding, if a promoter ensures returns, if a chance sounds too good to be true, or in case you are pressured to behave rapidly, please train excessive warning and pay attention to the danger that your funding could also be misplaced,” Hawks mentioned.

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