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PNS Daily Newscast - January 17, 2018 


As the DOJ tries a rare direct appeal to the U.S. Supreme Court on DACA, a new report says border patrol agents have been vandalizing water left for migrants; also, on today's rundown a labor dispute in Minnesota could affect Super Bowl week; and the Interior decision nears on sage-grouse plans.

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Buyer Beware: TN Offers "Two Cents" on Crypto Currencies

Cryptocurrencies are increasing in value on the stock market, making them increasingly interesting to Tennessee consumers. (Fabian Figeredo/flickr)
Cryptocurrencies are increasing in value on the stock market, making them increasingly interesting to Tennessee consumers. (Fabian Figeredo/flickr)
January 8, 2018

NASHVILLE, Tenn. -- Bitcoin may sound like points you'd earn in a video game, but the electronic currency is valued at an estimated $700 billion worldwide, and is beginning to attract the attention of Tennessee consumers looking to invest in cryptocurrencies such as Bitcoin and Litecoin.

The interest is enough to prompt the Tennessee Department of Commerce and Insurance to issue a message of caution to people who may be tempted to invest.

"It's unregulated, there is no real backing for cryptocurrency - there's no bank, there's no guarantee,” said Kevin Walters, communications director with the department. “So at this point, what we're doing is just trying to help people understand the risks associated with them."

Cryptocurrencies are not insured by a central bank or government authority. They cannot be exchanged for other commodities.

Walters warned consumers to beware of promises of high rates of return and unsolicited offers. A recent survey by the North American Securities Administrators Association found that 94 percent of members believe there is a "high risk of fraud" involving the electronic currency.

Walters said the state has had no reports of anyone being scammed so far. But when it does happen, there's not much recourse.

"If someone were scammed in a cryptocurrency scam, there wouldn't be anything that we could do about it because your money would disappear, essentially,” he said.

Cryptocurrencies do have some advantages, including no delay in payments between parties. Also, traditional fees associated with credit card merchants and other money transfers are reduced or eliminated.

Stephanie Carson/Cynthia Howard, Public News Service - TN